John Paul Phelan (Carlow-Kilkenny, Fine Gael)
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I want to change tack because I do not want to put the witness personally on the spot about his own views. We had Dr. Peter Bacon in with the committee last week. He is the author of some very well known reports on the housing sector. He is of the view that the property market in Ireland was too much dominated by internal forces. He expressed strongly the view there were not enough publicly rated companies involved in funding the property sector and there was not enough investment in the property sector from outside the island of Ireland. Does the witness share Dr. Bacon's views on that? Does he think a broader base of investment might have had a different impact on the direction of the property sector in Ireland?