Pearse Doherty (Donegal, Sinn Fein)
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I would like to pick up on that point about the building industry. I agree with Professor Lane's analysis. I opposed the help-to-buy scheme - unfortunately, we were in a minority - because I believed it would trigger what we have seen in the past three months with house prices increasing every month in Dublin by €6,000 and by €4,000 per month elsewhere across the State. The real fear is that we will see that happening in the second and third quarters also. The construction industry did not suggest that that was what the help-to-buy scheme was about. Indeed the Government did not suggest that either. It suggested, and continues to suggest, that it is about trying to ensure people can gather the necessary deposits.

Data released to me by the Minister for Finance show that 74% of people who have been approved under the help-to-buy scheme had over the 10% deposit required. Some of them had a 30% deposit and took out a 70% loan-to-value ratio mortgage. There is no clarity on whether the 24% or 25% of people who had a 10% deposit actually required up to €20,000 from the help-to-buy scheme. In Professor Lane's view is the help-to-buy scheme necessary to assist first-time buyers enter the market in terms of the Central Bank's rules?