Mr. Dermot McCarthy:

Well I can't say that I'm necessarily familiar with everything that Finance would have done but I certainly would have been familiar with everything that they submitted to the Government. And they would have been advising that an orderly transition to a lower sustainable output was what was to come. My recollection is that the ESRI medium-term review in 2003 and their ex-anteappraisal of the national development plan in 2006 did provide analysis of the housing market that concluded with forecasts of housing demand and output that the soft landing was a credible and likely outcome.