Joe Higgins (Dublin West, Socialist Party) | Oireachtas source

Okay, thanks, Mr. Cardiff. Mr. Cardiff, during your term as second secretary of the Department of Finance, and from your own knowledge, would you say that the Department was aware or to what extent it was aware of the risks to the overall economy from over-reliance on property sector lending by the banks and exposure by the banks to the construction sector? And the background for that question would be - it's in the evidence but we don't need to take time to go there - but what ... the charts will show that property lending by banks went from €15 billion, roughly, in February 2000 to €175 billion in October 2007, an increase of 1,100% and construction credit for projects from €3 billion in 2000 to €26 billion in 2007 - 866% increase. How aware would you have been of a threat that this can pose to the macroeconomic situation?