Oireachtas Joint and Select Committees

Wednesday, 22 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Michael O'Flynn:

Well, first of all, I would have zoned more land. I would have matched up the zoning and the infrastructure to where houses were needed. Anybody like us, building houses since 1978, it was not in our interest to have house prices escalating to the extent they were, making super profits that we were putting back into the raw material, we were buying for new land. That is not a business model that can survive, okay? We thought we had a good hedge against it because of all the other activities and this ... We formed a group in 2006. We thought by forming the group we were doing exactly what should be done in case you had a downturn. We never ... maybe we all bought into the soft landing, somewhat, but no one could have anticipated a global crisis - the euro crisis. Because the-----

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