Aindrias Moynihan (Cork North West, Fianna Fail) | Oireachtas source

I welcome the Governor and Dr. Cassidy. I thank them for their briefing and the overview. Many of the points I was hoping to make have come up already in various shapes. If the witnesses bear with me, however, I might refer to a couple of different angles. They are saying they feel that there will not be longer-term inflation so much as more short-term inflation, that patience will be the big ingredient and that if the data change and inflation looks like it will be more long term, we should be able to move on it at that stage. What tools do they envisage being used? What kinds of triggers do they foresee and what data do they expect to see changing? I realise the witnesses have mentioned wages, but we have already seen wage increases in the tech sector as a direct result of being able to work from home. In construction, there have already been wage increases.

I am trying to figure what the Governor sees as the triggers, if any, down the road and what kind of tools he would act with at that stage.

I have three or four questions. The capital plan will be a big driver of spending in housing, transport and various different infrastructure. The Governor is concerned about the size of the spend and how it might impact on inflation. How would the Governor handle it and at the same time ensure that there is an adequate spend on housing, transport and all those different key projects?

The Governor is talking about the wrong measures having a significant impact now. What would the Governor consider to be the wrong measures?

Finally, the cost of housing has considerably increased, whether you are buying or renting, and it is a sizeable component of inflation. It is a reasonable aspiration of people to be able to buy their own home. Raising the deposit and at the same time paying rent is a significant blockage for people - a real struggle. Would the Governor see a situation where the ability to pay rent would be seen as proof of ability to repay a mortgage and be considered as part of the assessment? The Governor has referred to the supply as playing a big part in addressing housing but irrespective of how much supply is there, that issue will be there for younger couples, single people or whoever wants to borrow money. I would be interested to hear the Governor's views on seeing if there is a way to consider the ability to save while they are paying rent.