Mr. Martin Whelan:

On the rent issues, I will ask my colleague, Mr. David Silke. From our research, the signpost was that the current regime was resulting in the exit of supply from the marketplace, with 28,000 rental properties sold over the past two years.

This was particularly impacting smaller landlords and there was very little new inward investment. We have talked about build-to-rent investment falling from €2.5 billion to less than €500 million. The real implication of that is for future tenants, with no new supply coming into the market. Regardless of whether the existing or future regime applies, any new supply comes at market rents and the objective or aspiration is that by increasing supply, we will ultimately put downward pressure on market rents. I will ask Mr. Silke to elaborate further.