Kieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source

And it's dealing with the response within the Department to Morgan Kelly's article in December 2006. So it says:

We must be careful that we do not over-react to the current easing from the very high levels of activity. House prices have fallen back slightly in recent months, although prices still remain above their levels this time last year. I share the views of most commentators that house price increases in recent years have been underpinned by many factors including a strong economy, increases in employment, reductions in taxation and lower interest rates resulting from participation in monetary union.

Mr. Kelly ... Morgan Kelly was talking about declines of between 40% and 50% in house real prices. He was proven to be correct. When that article was published-----