Joe Costello (Dublin Central, Labour)
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Question 68: To ask the Minister for Finance his views on the report by the OECD, and echoed by the European Central Bank, that another interest rate increase will place Ireland in the high risk category of experiencing a sharp house price reversal; if his Department has conducted an assessment of the implications of a house price reversal for the economy; and if he will make a statement on the matter. [24937/06]

Brian Cowen (Laois-Offaly, Fianna Fail)
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Interest rates in Ireland remain low in both historic and real terms. House prices are underpinned by fundamentals and modest interest rate changes are generally considered by commentators as unlikely to result in a sharp price reversal.

My Department continually monitors developments in the housing market from the point of view of analysing economic and fiscal developments.