Mr. Liam O'Reilly:

Just to say on that particular item, I think I mentioned it earlier in my testimony, what happened was, I saw the issue as a macro-prudential issue. I discussed it with the director general of the Central Bank and, after the discussion, the general conclusion was that at that stage house prices were stabilising, interest rates were set to rise and the fiscal incentives that were in ... and which were actually inflating house prices, were all being reduced. So, it just was a timing issue. If you're asking me now, should we have done it earlier - yes. But, as the Honohan report says, the actual measure was modest in its effect. It really did have no effect on what happened afterwards, it didn't control the situation.