The government in New Zealand has taken some action to say that to the extent that somebody already owns a property, for each subsequent property they buy there's an increasing amount of down payment that they have to provide. They've done that as a way to try to cool off a really hot housing market there.
I guess there are two sides to that. One obviously is that it reduces risk in terms of the possibility of default if the investor has more equity in the property they're purchasing, but it may also have a salutary effect on housing prices.
Do either you, Mr. Routledge, or you, Ms. Bowers, have some comment on that as an approach both to reduce risk and especially to try to cool off housing prices?
Maybe we will start with you, Mr. Routledge.