Mr. Seamus Coffey:

The distortions Deputy Boyd Barrett is discussing in the context of the previous housing bubble were significant. We hope, from outside of the fiscal perspective, that they are being addressed. We have changes in the macroprudential and lending rules now being addressed and enforced by the Central Bank to try to limit the increase in lending associated with any individual household buying a house. That should in itself put a curb on prices. At present, such is the nature of the shortfall in supply cash buyers are predominant and lending rules do not have an impact there but as the output begins to increase and more buyers are debt financed those rules will hopefully curb the price increases.