Mr. Ed Sibley:

There is work that we have done, in terms of macroprudential mortgage measures, to improve the quality and safety of mortgage lending today. Four out of five mortgages that are in the system today were lent before the mortgage measures came into force, so the vast majority of mortgage books today were formed before those measures. There are other issues within the Irish system that are not the same as other parts of the eurozone, for example, the use of insurance and how security works in other jurisdictions, and so on, so it is not just purely on loan to value and loan to income. Clearly, there are improvements in the safety of mortgages.