Mr. Gary Tobin:

Future mortgage holders need to be remembered as well. I am referring to people thinking of buying their first home who are struggling to put together a deposit and pay for a mortgage. Echoing what our colleagues from the Central Bank said, in a situation where secured lending is more difficult and where the rights of borrowers are even further protected, it is likely institutions will price that into the interest rates they choose to charge. I note that the Banking and Payments Federation Ireland stated today that this Bill will lead to an increase in the cost of mortgages for borrowers. The banks, therefore, certainly feel that they will have to price in the risk associated with this proposed legislation. That would mean higher interest rates. I cannot say definitively that is going to happen. It may or may not. It is, however, a concern we have.