Ciarán Lynch (Cork South Central, Labour)
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I thank Mr. Murphy. Before I invite the lead questioners perhaps I can put a question to Mr. Vaughan and to Mr. Murphy on which both of you may wish to comment.

In his opening statement, Mr. Vaughan refers to the preoccupation with property in a country experiencing an unprecedented boom and that we were proclaimed throughout the world by our political leaders as an economic miracle. He states that it was the prevailing narrative of the political, banking and property establishment. Could he elaborate on that for the committee as to what he is indicating there?