Aideen Hayden (Labour)
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Nobody is denying we should not have a prudent banking system. Nobody is denying a prudent banking system will, over time, assist in preventing a boom and bust cycle. The question is around ensuring the provisions we put in place to ensure that prudence are based on accurate measures. Instead of looking at the position from 1998 onwards, I suggest to the Governor that he look backwards. In the 1970s there were other ways by which people were loaned money to purchase houses. It is valid to look at these types of lending and take them into his equation in deciding what those on low incomes will and will not be able to afford.