ICS Building Society managing director, Mr Ted McGovern, who is also chairman of the Irish Mortgage and Savers' Association, presented an interesting argument at the publication of the building society's annual results this week.

Arguing for more flexibility in the limits on mortgage lending, he called for a greater focus on mortgage lending practices in other economies within the euro zone in an effort to incorporate those practices which would benefit the Irish consumer.

Forgive me for being just a little bit sceptical, but are we talking about benefiting the Irish consumer or the Irish lender - such as ICS. After all, the lenders in this country could tomorrow adopt one well known element of lending practices in other euro zone economies - lower margins.

Of course, that would force the lenders to genuinely compete with one another, then actually pass on to consumer the full benefits of reductions in interest rates and to make themselves more efficient rather than asking customers to fund inflated profits and cost/income ratios. Maybe lenders would be better off making sure none of us gets a close look at lending practices among the Republic's fellow members of the euro zone after all . . .