Eoghan Murphy (Dublin South East, Fine Gael) | Oireachtas source

You mentioned in your opening statement that it was a question of tone and you've just said there ... there said editorial but Honohan also notes in his report, on page 83, in relation to the estimates of house price overvaluation said had appeared in financial stability reports ... results of models estimating overvaluation were presented in successive financial stability reports "up to and including that for 2006", but:

By contrast [this is on page 83 of the Honohan report] the 2007 [financial stability report] is notable for the absence of any updating of the calculations reported earlier. In particular, there was no update of the McQuinn-O'Reilly (2006) model. However, an internal staff updating of this model undertaken in April 2008 (after publication of the 2007 [report]) indicated that house price overvaluation was estimated to have reached almost 35 per cent by mid-2007.

In your opening statement you say that "a deliberate decision was taken [in preparing the 2007 financial stability report] to delete the conclusions of a research study updating the extent of the overvaluation of Irish property prices". So, first of all, was the 2006 Quinn-O'Reilly model updated in advance of the 2007 financial stability report?