Mr. Carlos Martínez Mongay:

Indeed. One of the vulnerabilities of the Irish economy is that it is more open and, therefore, subject to external shocks. The fund would show that the economy, the Government and the public finances are sound enough to compensate or fight against these shocks without endangering sustainability. It is important to reduce vulnerabilities.

What we must do in the context of the report, not only here but in general - and this is why I am here - is listen to views on our analysis. People do not need to agree with the analysis but we would like to understand their views on various issues. We want to open a period of dialogue during which there will be an exchange between the Commission and the various stakeholders, including the authorities and the parliaments, in which we try to arrive at a common diagnosis and from there we can agree on certain policies. This should be reflected in the national reform programme which, if I am not mistaken, will be discussed and presented to the Parliament. The Government will present its policy proposals to address the diagnosis on the vulnerabilities and challenges that have been identified by the report.

On rents, the report contains very clear analysis and warns about the fact that rents have increased by more than 20%. This is linked to the fact, also identified in the report, that it is clear there is an undersupply of housing, which affects not only the price of new houses but also rents. The report draws the attention of the authorities and the Government to this in order that policies are discussed to increase the supply of housing. It is clear the reduction of non-performing loans is not intended to put people on the streets but to help them to reduce or repay mortgages and, at the same time, support the profitability of the banks.