Dr. Kieran McQuinn:

The shared equity scheme is one of a number of policy initiatives that the Minister has brought forward recently. Our view is that some of those measures certainly are constructive or positive. There is no doubt that they will have a positive impact on supply in the market. Our comments about the shared equity scheme reflect opinions held about schemes such as that by a number of different commentators that the danger with those schemes, particularly in a market such as the Irish one where our supply is relatively low, as it is, and relatively, as we would say in economic terms, inelastic so it is slow to respond to economic stimuli, is a significant boost to affordability would feed through to higher prices in terms of house price inflation. That is the general point that most people would feel about a scheme like that. The Minister said that they are looking at the details, and we will very interested to see the details when they are published, but that is the general point that people have made about the schemes such as that. Indeed, as the Deputy will know, that is a concern not just ourselves but many others have articulated.