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

Did anybody in AIB say at the time "that model, where is this going"? I mean, if one operates on the assumption that all purchasing markets are required upon - if I am selling my car tomorrow morning to buy a new car, somebody has to come in and buy a second hand car. The housing market is very much contingent upon first-time buyers to come in to allow people to trade up and trade down and all the rest of it, and that affordability for first-time buyers was becoming so difficult that the State had brought in a package of affordable housing, which was supposed to be subsidised housing. In Cork affordable housing was €250,000. This was council housing that was subsidised at €250,000. It is probably worth less than half of that in today's market. So you had this massive compounding snowballing effect. Was anybody in the bank saying that this is a concern?