Professor Philip Lane:

What is going to be critical is the level of house prices, because what we have seen in Ireland is this gigantic boom then a pretty severe plunge. Prices are rising from a low level. We will act if the level of house prices compared to the level of incomes and the level of interest rates is in a danger zone. Our assessment in November last year was that, at that point, it was not in a danger zone. Prices were still in a recovery mode. I do not agree with the Senator that we can do it more than once a year because it would be totally destabilising. Every-----