Mr. Gerry Mallon:

The Central Bank has actually been quite responsive to feedback and has looked for feedback on how it can improve the macro-prudential rules. I have expressed privately to the bank some of the issues that arise. The first concerns the pattern of the full-year measurement, meaning the exceptions get used up in the first half. The second concerns very crude measures. If crude loan-to-value and loan-to-index measures are used, one loses the ability to understand some of the more complex phenomena, such as individual customer affordability. Some people might meet both of those criteria but still will not be able to afford the loan because they will have other debt commitments that are not taken into consideration. The rules are doing a fantastic job. I agree with them very much because they are taking the potential pressure associated with upward inflation and irresponsible lending out of the system-----