Mr. Bernard Byrne:

To ensure I am on the right topic, the Deputy asked a question about the submission from the BPFI. Part of that referred to a limit or number. We are part of that group but in overall terms I believe that number came from looking at the average first-time buyer property in terms of the pricing that was set and to move the limit from €220,000, which seemed low relative to the experience in the market, to a level which reflected the experience in the market. The guiding thought on that number was based on market practice more than anything else. Based on quick observation of what the Central Bank has done, it has simplified the system even more than that. Effectively, it has stuck with a 90% position and moved away from a property boundary on the loan-to-value, LTV, side, so it is creating an environment where a 90% mortgage for a first-time buyer on a LTV basis is okay. It is important to remember that the loan-to-income, LTI, restriction will still be in place, so that will place a boundary on part of the criteria. Affordability is central to everything and what has happened on the LTV side will certainly help in freeing up what was probably the major stalling point, as we would have seen it, in terms of the ability of people to gather deposits. It has helped that piece. However, the affordability piece in terms of incomes will still be in place. It will take time to see how that plays out. As a quick perspective on it, we believe it is helpful. We believe it will help bridge the apparent real problem which was people's inability to gather deposits. However, affordability is still central to this. People will get closer access to a deposit but affordability will be key.