Ciarán Lynch (Cork South Central, Labour) | Oireachtas source

In relation to Deputy McGrath's question, the inquiry's task is not just to examine the past and see where errors were made or things were not picked up or spotted. Going into the future, lessons must be learned to ensure we do not repeat these errors.

Mr. Vaughan talked about better scrutiny of major opinion shapers and agencies whose reputations are renowned, such as the IMF, and agencies which appeared before the committee and said they got it wrong, such as the ESRI and others. Is there a lesson for his industry going forward in terms of how it can scrutinise what is happening daily, in particular in the property sector, so we do not see the type of bubble we saw in the past?