Dr. Conor O'Toole:

As I said in my opening statement, naturally the calibration and the targeting of the schemes really matter, as do the size and the length of the intervention. I am not saying these schemes are not without merit. That is very clearly stated in the opening statement. However, we are trying to look at the pros and cons of an approach like this and to think about the various factors involved. This policy will interact with a number of other supports such as the help-to-buy scheme and the Rebuilding Ireland home loan, which are already in the market. In a sense it is about thinking through the potential channels through which a scheme like this will operate. Of course, the calibration and the parameterisation will matter. Good work on ensuring that the recipients of this are those households most in need of credit will help to limit the concerns.