Oireachtas Joint and Select Committees

Thursday, 23 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Joe O'Reilly:

No, it wasn't but, I mean, there was so much happening at the time you know, we had ... Ireland ... I suppose some of this was being justified by the fact that Ireland had fallen behind or it didn't, for instance, have the same ratio of houses per thousand population as other countries, so we were supposed to be on a catch-up. So I suppose that was one of the justifications. We were ... we had a lot of foreign direct investment in the country, which was creating demand for factories, for offices, etc.; we had a lot of migrants come in so they were looking ... they obviously had to be housed, so there was a big demand for rental accommodation. During the period, salaries were increasing, there was social partnership. There was a lot of issues there where, you know, wages were increasing and people had more disposable income and-----

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