Kieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source

Taking up that theme, in his presentation, Professor FitzGerald spoke about a tumour. He used the analogy of a tumour in respect of how the property market and the banking sector had spread throughout the economy. How did such a tumour go undetected by the ESRI on the basis that it produced reports for the Department of Finance in 2003 on the national development plan, where it was very critical of the growth in the property sector, and a follow-up report in 2006, where it said exactly the same thing? Professor FitzGerald took part in the Kenmare conference in October 2004 and followed it up with "Future Shock" on RTE in April 2007. He used the same term on both occasions. He said that the economy was out on a limb due to the property market. With the benefit of hindsight, why did the tumour of the property bubble and the banking stream of funding go undetected by the ESRI? Why was it not highlighted in the 2008 medium-term review report, considering that up to April 2008 taxes were behind by €700 million, and €1.2 billion by May 2008, we were running a deficit of €3.6 billion and taxes in all areas were behind? Why did this tumour go undetected by the ESRI in such a hugely significant report as the medium-term outlook report in 2008?