Michael D'Arcy (Fine Gael) | Oireachtas source

Can I ask you in relation to your period in Finance about expenditure. In 1997, the expenditure, total capital and current, was €18.8 billion. Seven years later, it was almost €41 billion. Again the Chairman touched upon it but I'm touching upon it now. A lot of it was based upon taxes that were going to come from the property sector, so long as the property sector kept going. Deputy O'Donnell touched upon your change of mind in relation to the property-based taxes. Had you any knowledge that when the property sector slowed down that there could only be a collapse in terms of because we had... the money had been given out on an annualised basis and had you any knowledge how difficult it is to reduce these numbers when the money is not available?