Joe Higgins (Dublin West, Socialist Party) | Oireachtas source

In Mr. Moran's opening statement, on page one, he says:

In the period prior to 2008, the commercial real estate market grew strongly, with increasing levels of purchasing, leasing and construction activity. Ireland's economy was performing well, with GDP and employment growth driving the expansion.

Quite a number of witnesses who came in here as well as various reports on the banking crisis have stated that, in fact, it was a credit-fuelled bubble as a result of inordinate amounts of money lent by banks and financial institutions that drove the growth. How does Mr. Moran reconcile his view that it was economic fundamentals with that?