Mr. David Doyle:

I don't recall any discussion of the article. But what I ... I ... I have read the article and ... what he was, in fact ... with his conclusions ... it was interesting the conclusion that he reached. He said the expected ... if the average. He says:

a close relationship historically across different economies and housing markets between the size of increases in real house prices, and subsequent declines. If this relationship were to hold for Ireland, the expected fall in average real house prices is in the range of 40 to per cent, over a period of around 8 years. [So a soft landing]. Such a fall would return the ratio of house prices to rents to its level at the start of the decade.

Now he wasn't predicting a short ... a soft landing, he said that could happen but, equally, the opposite could happen. But he did go on to say "The Government did not cause the current boom, and is powerless to do anything about a subsequent bust" That's on page 15 of his article.