Dr. Mark Cassidy:

We do not think there would be such an effect. The main reason relates to the much-improved resilience of both households and banks. The debt repayment burden of households is significantly less than it was at the time. Banks have significantly more capital and their exposure to the housing market is of a much safer level in the context of the loan-to-value, LTV, rates of the mortgages on which they have lent. This partly reflects measures from the Central Bank, much more prudent lending standards from banks and the strong financial positions of households. Savings have increased significantly and real incomes have been solid. Both households and banks are in a much stronger position to withstand any downturn compared with that period.