Mr. David Hall:

The exact point the Deputy made was that when people bought them, they bought them at a certain level. There have been ups and downs and bumps and bruises and they are now exiting the market at the height or at the top as best they can. As Mr. Kennedy said, however, the challenge - this is where there a further incentive needs to be looked at - is about how we encourage the people who are leaving to be replaced by others. All that are going to be left are real estate investment trusts, REITs. While the cost is significant, what is the cost of us housing people elsewhere? We all know about the indignity of people sleeping in and sharing rooms in multiple properties. We do not want to encourage bad set-ups for people on a health and dignity basis. There is a cost involved.

The Deputy's point is valid, as is Mr. Kennedy's reply. These people are not being replaced. If they are exiting, they are not being replaced. One of the big vulture fund sales last year on the buy-to-lets was set at €1 billion. That is what the quantum was for an all-performing portfolio being moved across. There is a six-month lead-in period before that happens. When it came to the actual sale in October, the red-line date, landlords to the value of €650 million transferred, and €350 million cashed in and exited. They are-----