Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

Cuirim fáilte roimh an tUasal Connor. In your 2012 co-authored paper, The U.S. and Irish Credit Crises: Their Distinctive Differences and Common Features - I think we have given you notice that I would be asking questions in relation to this paper - the following point is made. A key feature of an asset price bubble is that "traders are often not interested in the asset for its intended use or its earning capacity but only in its expected price appreciation." The paper goes on to state that in Ireland this interest in expected asset appreciation and not the intended use of the asset was "reflected in a significant increase in the number of vacant properties, especially in the investment sector of the market". Can you explain to the committee what you mean by this point? Why was this interest in asset price appreciation reflected, as you say, in a significant increase in the number of vacant properties?