Mr. Liam Kelleher:

Deputy, no. The industry focus was very much on delivering a very high level of project activity at the time and that's not just housing, that's across the board in civil engineering, in major construction projects, in the inward investment projects. Even the soft landing thesis, if you like, only came on the scene in 2006-2007. Prior to then, it's incremental and when things happen incrementally, you're not, if you like, as aware of the cumulative impact that it's having. It's incremental and the belief was that there was a substantial infrastructural deficit, the belief was that with the population growing, with incomes growing, with inward investment, that it would continue. We knew it was high by European standards, we knew we were building, both in general and in housing, above European norms, but we believed that that was justified by the economic circumstances and we weren't inventing that belief. That was the general view of economists, of economic institutes, of Government at the time.