Mr. Brendan McDonagh:

We must be careful around that but I think I said at the Oireachtas finance committee in October that, effectively, the wider considerations of the market have to be taken into account. We have come from a place where prices went down 55% and now there has been a recovery. We know there has been quite a strong recovery but if we look at the evidence of what has happened in other countries when they introduced measures - the Central Bank has its own job to do - they were probably introduced on a more phased basis than by way of a once-off implementation.