Oireachtas Joint and Select Committees

Wednesday, 1 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Charlie McCreevy:

Well from 1990 ... you must remember at different periods, different things happened. At the end of ... in early ... if you look at the figures, when we implemented some of the Bacon recommendations regarding interest and other ... the interest, deductability, etc., etc., whether it was as a result of that or other factors in the global economy or in the Irish economy, construction activity fell off markedly in that particular period and we were ... instead of employment going up in the area and prices going up, they started to come down. But we're also looking ... look, as I said in my earlier address, economic growth in that ... from the first quarter of 2001 to the last quarter went from 38% to 0.1% and so, therefore ... therefore, it wasn't a universal spike all the while where it's going upwards in terms of property prices either. There was that period as well. But you must remember, in Ireland, like, the population of Ireland increased dramatically. I was here in the Dáil since 1977 and-----

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