Dr. Martin O'Brien:

I am not aware of any particular study that has been set on that. The point made by Dr. Kelly earlier was that we are basically facing into a situation where we have almost a decade, if not more, of relative undersupply given demand levels. I would suggest we would have to see an astronomical and unfeasible increase in output to get the kind of issues Deputy Durkan has mentioned. Notwithstanding this, the challenges are there, such as increasing the supply being the most fundamental issue, as mentioned by Mr. Madouros. That may, it is hoped, make housing more affordable for more people over the longer term, but that would not suggest it would have a detrimental impact in bringing housing values below a certain level or causing significant collapse or anything like that in the context of overall housing values and given the strength of underlying demand that is there.