Mr. Joe O'Reilly:

I think the first point is that everybody should be able to afford a home and everybody ... there's no question about that. I think, Deputy, you have to go into a lot of other macro factors in relation to what was driving the price of land, what was driving the price of houses, why banks were doing what they were doing, etc., etc. So I mentioned earlier on, for instance, it was 100% mortgages. That was clearly wrong. We weren't in control of our own fiscal system. You know, we had joined the EU, we didn't seem to have put into any play ... anything in place to put a brake ... or to put some brakes on how our economy was expanding.

So there was ... you know there was 101 pieces, there was 101 different factors, all combining to the market becoming inflated and overheated.