Mr. Ed Sibley:

It is important to distinguish between the two points the Senator makes. Overall, with regard to mortgage interest rates in Ireland relative to the eurozone, as the Governor has touched on, lending in Ireland has been demonstrably riskier, from an average perspective - and we must be wary of averages - than in other parts of the eurozone. Banks here have to hold more capital for the mortgage loans they are making than in most other jurisdictions, so that necessarily feeds through into pricing. It is entirely understandable that mortgages are more expensive here than in the eurozone.