John Paul Phelan (Carlow-Kilkenny, Fine Gael) | Oireachtas source

Well, I want to ask the question first ... and not have any analysis as to the impact that it would have on lending? This is the SSIA ... you can have daring views as to its impact. You said it had a counter-cyclical impact. It might have had in the short term, in the longer term, because it was a five-year scheme, it arguably didn't have a counter-cyclical impact because there was an increase in expenditure. We've had evidence from David Doyle, from John FitzGerald, from other witnesses that the major increase in lending to property took place in or around the years just preceding or just following when the SSIAs came to fruition. And I'm asking you about why you didn't do that analysis.