Dr. Rachel Slaymaker:

I will come in on the question about the help-to-buy scheme and the study by the LSE. It is impossible for me to say what is likely to happen to prices here but the thing that would concern me is that there was an increase in the price of new-build properties in London, which is the most constrained area in terms of housing supply and has the biggest affordability challenges. That would concern me in the Irish context, given the significant supply constraints here. It is impossible to say what the actual impact would be on prices, given that so many factors would come into the determination of prices, but that is the concerning aspect I would take from the LSE study.