Gerry Horkan (Fianna Fail)
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In terms of house prices, the Governor's point that it is all about supply is the most valid point anyone can make about the housing market. However, in terms of borrowing and having a certain amount on deposit, if the requirement was 20% of €400,000, that would be €80,000. However, if house prices increase, 15% of, say, €600,000 would be €90,000. Is there an argument to be made that when the guidelines are relaxed or it is made easier for people to get in the race, to a certain extent that creates a problem in that house prices rise to match the relaxation and the consumer is no better off? They have just got a smaller percentage of a higher amount, which in overall terms is no different or potentially higher than the original. Does the Governor get the point I am making?