Mr. Gerry Mallon:

Yes. It is clear that an increase in the house price index and broad house price inflation reduce some of the risk overhang that a bank has. However, I do not think it is in anybody's interests, particularly those of banks, for house price inflation to be anything other than sustainable, measured and validated by what is affordable. The macroprudential restrictions in place are a positive thing for Ireland as they constrain overexuberant house price increases and hotspots in a supply-constrained market, which we have at the moment. It would not be in our short-term interests to see rapid house price growth, even though it might make an impact on the balance sheet of the bank.