Mr. John McCarthy:

I would tend to agree with the Chairman on that. I am glad we agree on fiscal discipline anyway, because that is where the UK's problems really lie. I think most economists in Ireland have welcomed the relaxation from 3.5 times to four times. It may not be going as far as other countries but it is allowing for households to take on more debt and helps them access the market. People who had reasonable, fairly solid incomes could not afford to get into the market because their incomes were not within the 3.5 range.

From a macro perspective, 15 years ago, the leverage ratios of total debt as a percentage of disposable income were more than 200%. It is less than 100% now. The median household has debt less than income. I am talking about the median, or average, not about the marginal, such as people who have just come in in later years.