Mr. David Duffy:

Yes. Some of the logic behind that is that there are two elements to it. One relates to what would happen the market if that was implemented. Currently, there are many more buyers than there are homes available. As a result, I do not believe some of the dramatic statements on the market are relevant, as the houses will still be purchased. Second, the principle of a 20% deposit and the loan to income, LTI, rate are valid. I am on public record as saying I agree with those. If we take a long-term view of the customer's protection as well as of our bank stability, we should look at those kinds of levels.

The real issue is one of execution, which involves some element of transition in order that the law of unintended consequences does not drive out a sector of the economy. Trying to calculate numbers on a hypothetical basis does not address the issue which needs to be addressed. We will make a submission on that to the regulator.