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

Okay. In a statement to the inquiry, the former Secretary General of the Department of Finance, John Moran, speaks of an "acute lack of physical capacity at governmental level", and goes on to say, and I quote, "Budgetary spending decisions had been funded in the years leading up to the crisis from what were very fragile revenue sources, built on the quicksand of an economic performance overly concentrated on one over-blown sector - property." Could you give us your view on the reasons why the potential for falling cyclical tax revenues had not been addressed by you in your tenure as Minister for Finance?