Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

As stated , I tabled questions in the Dáil and the response from the Central Bank was to the effect that it was examining whether the application of legal fees was in compliance with the mortgage arrears resolution process. We will see where that leads.

Given that the mortgage and housing markets are central to the bank's business model, do our guests have any observations on the housing market? There are limited opportunities for first-time buyers to purchase properties. Supply is increasing but when we strip out the houses that are, quite rightly, being built as social homes by local authorities and approved housing bodies, the entire developments being bought by REITs or investment funds, and one-off houses in rural areas being built by qualifying planning applicants, the number of properties actually available is quite small. I am sure the bank would like it to be more given that it is a key part of its business. There is also an affordability crisis. Supply is very tight but the cost of building in Ireland has risen significantly in recent times. It is not as simple as diagnosing it as a supply problem. There is also an affordability problem. Not all new developments are selling very quickly because the homes are expensive and we have the macro-prudential rules. What are the observations of our guests on the market and where do they see it going?