Mr. Liam McLoughlin:

A lot of lessons have been learned over the last ten years. With regard to where prices are at, the market fell back 60% immediately post-2009. House prices have recovered by about 30%, or about half of that, over the last ten years. While house prices are rising there is still value. Our own view, which I feel very strongly, is that there is a serious supply issue that needs to be addressed. The bank will play its role in that but in response to Deputy Doherty's question, there are restrictions around to what extent the bank will lend to property developers. With the 70% rule there are cautions but there are other people who will provide equity into the marketplace also. We do not see a housing bubble or a crisis of that nature on the horizon today. Our pipeline for new mortgage business is very strong and very positive but our issue is, and our customer feedback is, that the frustration is one of significant supply gaps.