Dr. Martina Lawless:

I will take on the property questions. The Deputy asked whether we had some idea of what a sustainable level for the property sector is. In terms of when the sector gets too big, we could say that it is when it starts to negatively impact on other sectors and we see obvious pressures on prices and wages. A common theme throughout our comments on all aspects of the public finances, the overall balance of the economy and, probably, the construction sector in particular is very much an emphasis on long-term sustainability and avoiding the pattern of booms and busts such as we have seen in both public finances and individual sectors. There should be a formulation in which there is a medium to long-term plan of investment both on the public and private sides that is facilitated by the smooth running of access to finance and the rules in terms of how the property sector gets planning permission and how infrastructure is put in place. The overall objective would be to have investment in infrastructure and residential building proceed at a steady pace that grows in line with demographics and demand for housing and which avoids this boom and bust cycle. We are not able to put a precise figure on what that means for the percentage of employment or amount of activity in the sector. It is really about drawing a smooth path forward with a focus on the medium-term projections both within the sector and within the economy as a whole.