Mr. Brendan Burgess:

I will make one related point. People borrowed 100% of the value of the house and five times their income. The limits today are three and half times income and 80% or 90% of the value. Yet, the Central Bank requires the banks to price mortgages today based on our historic record. The Irish banks which lent at 80% loan-to-value and three and a half times income during the crisis experienced very low losses on those loans, yet the capital requirements for the Irish banks are based on this history. That is complete and utter nonsense. I reiterate that is why we are paying about €300 per head per month for mortgages because of silly capital requirements. That allows the banks to gouge us.