Mr. John Moran:

There should be regulation from the Central Bank. There have been some improvements in the past number of years but it is not at the stage it needs to be. Banks should have more in-house qualified property professionals as a key part of decision-making or take proper external impartial advice. There was not a property professional to be found in any of the banks between 2002 and 2007.

Valuation should be more frequent on security because property is not a static asset and changes. If zoning changes, the value can change. Valuing it and not looking at the file for five or six years is unacceptable. The planning system needs a serious overhaul in how it links up and how it gives clear guidance to the development community. It does not so people make mistakes based on incorrect assumptions. I have spoken about data sharing, which is something we would welcome

The final point is the limited interaction between the regulatory side of the Government and experts in the industry. I am open to correction but I do not think there is a property professional in the Central Bank, which I find astounding given the amount of property lending that goes on. I would welcome the introduction of an expert panel from experienced practitioners to advise the Government on an ongoing basis.