Dr. Keith Walsh:

If Ms Walshe does not mind, I will comment on the issue of valuations. Deputy O'Donoghue made a very good point that in normal times it is fair to say the value of properties that are being bought and sold on the market are probably a reasonable indicator of the overall stock of properties in the country. However, when we have quite exceptional market conditions, as we have had over the last few months, the properties that are selling are probably less of an indicator of what the underlying value is. As Ms Walshe said, and as the Deputy may remember from 2013, when we were asking people to value their properties then, Revenue provided a lot of valuation guidance to make it as easy as possible for people to self-assess the value of their home. This time around we are starting to put in place plans to do the same thing. We will put a lot of data and as much information as we can out there and make it available to people. When we are preparing that valuation guidance and trying to look at average prices in any particular area in the country, what we will not be doing is over-relying or relying too heavily on the more recent values because, as the Deputy said, they are not necessarily reflective of the underlying market conditions. They are reflective of a bidding war for a particular property in a market of very constrained supply. What we will be trying to do is to make valuation guidance available but that guidance will not be too heavily weighted towards the recent high trend in property sales.