Dr. Larry O'Connell:

We have not examined a scheme like this in the private sector in particular. We have not examined the UK evidence and the reports that were mentioned. That said, I will stray into the debate that is under way. I keep coming back to the point that housing is a complex system and how it is difficult to judge what the impact of a single intervention in one part will be on the wider system. It was interesting to note from the Department's appearance before the committee that, along with the measures that Mr. O'Connor outlined to target the scheme, there seems to be a deep commitment to monitor it as it proceeds. We can then determine its impacts. As Dr. O'Toole stated, though, it will be difficult even then because it will be just one intervention. My view on housing is that we need to act. There is a supply crisis. We will never know what the perfect intervention is, but this one seems useful and some of the equity is returned. The key is to monitor the scheme carefully over its first 12 months.