Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

Thank you, Chair. Mr. Cowen, would it be fair to say that in the pre-crisis years that there wasn't a full realisation of the interdependent relationship between construction, property, banks and the public finances? And I say that in the sense that when the banks got into liquidity problems initially, construction and property sector collapsed, led to a massive capital shortfall in the banks with obvious consequences for the public finances with the collapse in the revenue stream. And in light of the fact that, ultimately, down the line, it led to a deficit of €19 billion, an underlying deficit, when you strip out the costs of the banks which was 19% of a deficit, would it be fair to say that interdependent relationship in the pre-crisis years, just wasn't fully realised?