Mr. Robert Nicholson:

Deputy O'Callaghan was referring to the premium in the UK schemes. I cannot remember the exact figure but there was a particular premium. I think the premium referred to in the report was the fact that these were newly built homes as opposed to second-hand homes. Straight up, there is a new-build premium for new-build homes as opposed to second-hand homes purely based on efficiency and the increased standards that have come in over the years. It did not relate to an inflationary effect. The report referred to house inflation in the round over a long period when it referred to the higher percentage rather than house inflation for homes that were bought with an equity stake as compared to equivalent homes that were bought without an equity stake. Our reading of it, backed up by our conversations with officials in the UK, was that there was a like-for-like increase of 1%. As Deputy Ó Broin has said, there are various reports available that give different takes on that, and the matter is open for debate and discussion and so on.

What we have learned from it is we have put as many handbrakes in the system, if I could call it that, to make sure that, in the round, the system does not lend itself toward house price inflation, while trying to deliver on those two goals of increased supply - the UK scheme increased supply by 14.5% - and increased levels of home ownership. However, as all present have recognised, there is a necessity to make sure we include the appropriate checks and balances.