Mr. John O'Beirne:

There is a wide range of factors involved. With regard to the bank's approach, many lessons were learned from the crash. We have tightened our credit policies. In the Senator's words, we have introduced a lot more stress testing in respect of the durability and sustainability of people's income. We think ahead with regard to where interest rates might go. That is one of the reasons why we have been very forthright about seeking to brink more fixed-rate mortgages into play as they provide a bit more certainty in terms of repayment. At a macro level, Irish banks retain a legacy in terms of the level of capital that must be set aside for mortgage lending. It is much higher in an Irish context than elsewhere. Other factors have also come in, such as the macroprudential lending rules. Over the next ten years, as we get to 2027 or 2028, nearly all of the mortgage lending in the Irish market will be carried out under the macroprudential rules which were introduced a couple of years ago.