Property developers designed the shared equity loan scheme and lobbied for the scheme. How do we know this? They lobbied Sinn Féin as well and we told them to sling their hook. However, they found a listening ear in Fine Gael and Fianna Fáil. The Secretary General of the Department of Public Expenditure and Reform warned that property developers lobbied for the equity scheme because "it will increase prices". Officials in the Department of Housing, Local Government and Heritage warned that the scheme would inflate house prices. The Economic and Social Research Institute, ESRI, told the housing committee that the shared equity scheme would lead to higher house prices and worsen affordability. In the last few minutes, the Central Bank has published its report and said that this scheme risks increasing pricing pressures. Forget about Sinn Féin and what we are saying. How can the Government push ahead with this scheme, which will pump up house prices, despite the warnings from the Central Bank, the ESRI, the Department of Housing, Local Government and Heritage and the former Secretary General of the Department of Public Expenditure and Reform?

The objective here is to make home ownership a reality for more people, particularly young people. Over the next couple of years the Deputy will see many people who have been renting for far too long being able to get their feet on the housing ladder and to buy their first home through the shared equity scheme. For them, in many cases they will pay less on their mortgage than they are currently paying in rent. In the real world where large numbers of people are paying very high rents, they will be able to own a home through the shared equity scheme and to pay a mortgage payment that is less than the rent they are currently paying. That is where people are at, and that is the reality of this scheme on an individual level. The Deputy is going to see that happen and he will see how popular the scheme is as well once it is up and running.

However, this is not the only thing the Government is doing. The main thing we can do to reduce the cost of housing is increase supply. It is very encouraging to see that in the past 12 months over-----

Will the Tánaiste answer the question about the Central Bank telling us it will push up house prices?

I have not seen the report. As the Deputy said, it has only come out in the past few minutes.

The Central Bank said it is going to push up house prices, as have the ESRI, the Department of Housing, Local Government and Heritage and the Department of Public Expenditure and Reform. Will the Tánaiste answer the question of why the Government is supporting a scheme that will push up house prices for young and old?

I call Deputy Duncan Smith.

It is because it means that many people will be able to become homeowners for the first time-----

At higher prices.

-----and they will pay less for their mortgage than they are paying for rent.

With higher prices.

Does the Deputy want to keep them renting for life?

This is unacceptable. You are eating into your colleagues' time. I call Deputy Duncan Smith.