Mr. Brian Hayes:

The report out this week refers to the appetite in terms of green lending and retrofitting. I know the Government's plan is to have 500,000 retrofits by 2030 and 120,000 by 2025, and 200,000 heat pumps by then as well. These are huge numbers, so the question is whether we will have the supply of labour to do all the work. That will be a big challenge. The big difference between now and 15 years ago, when the banks had very significant positions on real estate and development land, is that the assets are now internationally held, which limits the risk in a global downturn or big cyclical event like the one we are seeing. Particularly in the United States, real estate has been quite significantly devalued. We are watching this. I am aware of the ESRI report. To be frank, the Irish banking model is much simpler today, a point always made by Dr. Ugur. It is much less complicated than it was.