Mr. Brendan McDonagh:

First, the property market has suffered a very severe downturn over recent years. Confidence is beginning to return to the market and certainly into the economy. We are committed to delivering 4,500 houses by the end of 2016. Many of those would be for what we would call the first-time-buyer market. It is very understandable that the Central Bank does not want a repeat of the previous crisis. It is probably very helpful that it publishes its proposals for consultation and welcomes submissions on them before it makes its final decision. The reality is that, in general, it is a big ask for someone to put a deposit of €50,000 on a house worth €250,000. Ultimately, the Central Bank is the regulator. It has an important job to do. We will await the outcome of the consultation process and see what impact it will have on us. However, we hope that whatever changes are made take account of the wider considerations and the needs of the economy.