Mr. Vasileios Madouros:

Commercial property is one of the asset markets that is being affected by rising interest rates. We have seen significant changes in valuations of financial assets across the world since monetary policy started to tighten to bring inflation back to target. On the transmission channels from the commercial real estate market back to the economy, lenders' exposure to the commercial real estate market has significantly reduced over the past decade. We have different types of financial intermediaries, including investment funds that are active as owners of commercial property. We have been looking at this area closely and last year we introduced new measures for some of these funds that invest in commercial property in Ireland. There is an adjustment happening to valuations but the exposure of banks is more limited than it used to be. However, there could be spillovers through either construction activity or through some of these known bank exposures.