Mr. Liam McLoughlin:

Sure. When the rules were introduced three years ago, we made a submission on our view. Directionally, in terms of the macroprudential rules, we support what the Central Bank is trying to achieve and the principles of where it was trying to get to. It is a matter of public record that we might have taken a different route in terms of phasing but, certainly, the principle of what it is trying to achieve is very valid. The area of biggest concern, which has been discussed a number of times today, around which the greatest challenge has been is the difficulty for first-time buyers in urban areas where property is expensive and supply is short. It is very difficult for two young professionals to find a property. I do not think the macroprudential rules are the cause of the issue. There is a supply gap that needs to be addressed and that has been referred to by the Chairman and other speakers. That is where the focus is as opposed to the rules themselves which, directionally, are fine.