Mr. Charlie McCreevy:

I don't think so, Chairman. Because I think we what did on foot of the first Bacon report was, it stopped the upward slant of prices. We then as I gave reasons as to why we reversed that some years later, and I think if you look from 2002 right on to 2007 or 2008 or whatever it says here ... I think it was up to 2007 when the peak occurred, I think there were other factors at play regarding the house price spiral at that time.