Mr. Brian Cowen:

I have said earlier - there's no problem, Chairman. I've said earlier that the property bubble, the over-valuation happened during my time as Minister. I've no problem saying that because the ESRI have said it.

But, so, that's a fact. Now whether it started in 1997 and ended up with my time, it doesn't matter. I'm not trying to move away from that. What I'm trying to suggest is that there was a projection from 2007-08 on which was suggesting that we had reached the height of that cycle and that we were basically moving towards gradual reductions in a way that would have to be accommodated by policy because of the reduced revenue that would come in as a result.