Mr. David Begg:

Well, in the first case, you know, fiscal policy being unsustainable was not related to social partnership. The unsustainable element of fiscal policy was the extent to which it depended on property transaction taxes, which amounted to, I think, about 13% or 14% of total revenue.

In the case of overheating in the economy, the problem ... that didn't relate back to the wage increases per sebecause, as I say, Ireland was an extremely highly productive economy at that time. There were huge gains in product activity over the period from, I think, around 1980 to 2011 ... something like a 280% increase in productivity. There's no difficulty there ... and in ... the level of pay increase that we saw, it was simply keeping abreast of inflation, no more and no less.