Mr. Frank McDonald:

I think the media became dependent to a substantial extent on revenue from advertising which was related both to property and to recruitment. Every Friday, there would be a huge supplement with loads of ads for jobs for chief executives and God knows what else. Every Thursday, one would have the property supplement. At one stage, The Irish Timesproperty supplement was so large it was in two sections. There was a 12-page opening section and then a 48-page follow-up section as there was so much going on. It became a major revenue earner for the media, including The Irish Times. As I said, whatever about perceptions of this leading to a cheerleader situation for the property boom, we were offsetting any such perception by carrying relatively critical pieces about how Dublin was developing and other issues that were the downsides of the boom.