So now we know . . . the pious protestations from the mortgage lenders that they were scrupulously observing the thresholds on mortgage lending sound very hollow now in the light of the letter sent this week by the governor of the Central Bank, Maurice O'Connell to the various banks and building societies.

It may be that they are only lending the agreed two and a half times main income plus one times a partner's income, but, if the letter from Mr O'Connell is to be believed, they are stretching that limit far beyond its natural tolerances.

Contributions from parents, projected future earnings and even rental from rooms appear to have been included in the calculations in certain instances. In others, there is no record of where the balance of the house purchase is to come from and in yet others, there has been no evidence found of any attempt to assess how mortgage applicants might fare in the case of rising interest rates or an economic downturn.

Is it only last week that ICS Building Society managing director and the chairman of the Irish Mortgage and Savers' Association, Mr Ted McGovern was pressing for a loosening of the restrictions on mortgage lending?