Dr. Conor O'Toole:

I will make two points, one of which is about the access to credit for first-time buyers in the event of their not being able to access financing from the banking sector. Local authority mortgages are currently available for households who have been rejected by the broader banking sector. We did a piece of research a couple of years ago on the previous loan instrument, which was the Rebuilding Ireland home loan, and that clearly showed it had a role to play in the market in trying to address the issues of households who were constrained from the broader banking sector. That loan instrument is there and is an important component of the market.

I completely agree with what the Deputy said about the banking sector. The stability required to maintain the interconnectedness in the funding structures of the banking environment can unravel very quickly. Risks can build up. The situation can unwind very quickly and systemic events can be the result. In the US context, it appears as if the effects are limited to certain smaller financial institutions, but that can change quickly. It is a fluid situation that could certainly change over time. One cannot be too convincing on that point.