Dr. Robert Kelly:

Directly with the mix of housing it has chosen to deliver, the Central Bank actually plays very little role. In our view it has two elements. One element is the lending which has been made safe in terms of its resilience to the banking sector but also, and to touch on some of this 100% loan piece, it is also in the interests of the borrower. It is not as if these rules are created in such a way as to harm the borrower. We have long experience in Ireland that maybe other jurisdictions do not have, that if we have the large unemployment shock we talked about and we have the 2011 situation, people need to have an option set then. They need to be able to resolve these loans. When they go in with very high LTVs that really restricts the level of options facing borrowers to remove themselves from that position if they are unfortunate and their employment does not progress as they expected. Whether it is across any of the products that the financial system would help to support in terms of mortgage financing, it really does not come down to that mix. The affordability is really much more on the supply side where we want a different mix so that different households can access housing across the income distribution. It is not necessarily for the Central Bank to disaggregate between each of those in terms of supporting them differently. It is about ensuring for all customers that their lending is done in a safe and sustainable way.