Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

Okay. Mr. Hurley, I would like to refer to the 2004 board discussions, which have been summarised for the committee in the booklet of core documents. It's in Vol. 1, page 106. This is in relation to a discussion on the 2004 financial stability report and the summary as given reads, "a collapse in property prices would not only affect the quality of security for bank loans, it would also have widespread economic implications as the construction industry was now a major component in the Irish economy." With that in mind, Mr. Hurley, is it reasonable or not to say that in 2004 the board of the Central Bank had taken note of the systemic nature of the Irish property loan book and that the Irish Central Bank was aware the Irish commercial and residential property loan book had the potential to cause systemic problems?