Mr. Liam Kelleher:

The CIF was one of the players in that scene. You've got to look at what was causing the ... the rise in construction activity. I said in my statement that the pressures that I felt were all to increase supply. And those pressures were coming right across the board. They were coming from a broad range of the political spectrum, all parties. The belief was that we were trying to implement ... trying to catch up on a substantial infrastructural deficit, which had accumulated over many decades. The economy was growing rapidly, population expanding, inward investment strong ... all of the indicators looking very good. So there was ... a very ambitious series of national development plans. You couple that then with the rising population and social changes which meant that what had been a very high number of people per house in Ireland by European standards was gradually moving towards the European norm. It hasn't reached it yet incidentally. But, overall, we bore ... we bear a responsibility but I think we were one of many players seeing an optimistic, expanding scenario for Ireland in which a wide number of people shared.