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Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Kieran O'Donnell: Is it fair to say the HERMES modelling was outdated? Was there a problem with the ESRI's modelling techniques at that moment in time? Did it factor in the particular peculiarities of Ireland in terms of the banking sector and 25% of the economy being based around construction?

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Kieran O'Donnell: I will finish on one further point. Professor FitzGerald made reference in his statement to the fact 2003 was effectively where we took the wrong route. Looking back, he said that he highlighted to the Government over successive periods that particular measures should be brought in to control the housing sector. In 1998, and I remember the time, mortgage interest relief for rental...

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Kieran O'Donnell: Did Professor FitzGerald highlight that 2002 change?

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Kieran O'Donnell: Does Professor FitzGerald believe that?

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Kieran O'Donnell: This is a final question.

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Kieran O'Donnell: That question was not answered.

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Kieran O'Donnell: Does Professor FitzGerald believe the reintroduction of mortgage interest relief for investment properties was a key factor in fuelling the property bubble?

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Kieran O'Donnell: Let me rephrase-----

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Kieran O'Donnell: Can I just rephrase that question?

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Kieran O'Donnell: Does Professor FitzGerald believe that the reintroduction of mortgage interest relief for investment properties was a factor in fuelling the property bubble from 2003 on?

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Kieran O'Donnell: When the AIB economists contacted Professor FitzGerald, did either he or the economists contact the Financial Regulator or the Central Bank?

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Kieran O'Donnell: Why not?

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Kieran O'Donnell: Professor FitzGerald had a history of contacting the Central Bank.

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Kieran O'Donnell: Professor FitzGerald spoke about groupthink in Ireland. In terms of a society of our size, does he believe sufficient resources are being put into independent bodies coming up with retaining the integrity of those bodies? Does he think that the ESRI in terms of its structure was compromised in terms of its-----

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Kieran O'Donnell: Does Professor FitzGerald believe there was any way in which, in terms of the effectiveness of the ERSI, it was not able to function in a truly independent manner?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: ECOFIN Briefings: Minister for Finance (10 Feb 2015)

Kieran O'Donnell: I wish to address the European fund for strategic investments. In his presentation the Minister spoke about meeting the deadline for agreement on the issue with the European Parliament by the end of June. When does he expect the fund to become operational and when will we see shovels turning in Ireland? The investments are not capped per country, but does the Minister have an estimate of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: ECOFIN Briefings: Minister for Finance (10 Feb 2015)

Kieran O'Donnell: When will the fund be operational? Is there a date on which Ireland will apply to the fund in respect of specific projects or have we already applied?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: ECOFIN Briefings: Minister for Finance (10 Feb 2015)

Kieran O'Donnell: Must we formally apply at that time or have we already applied?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: ECOFIN Briefings: Minister for Finance (10 Feb 2015)

Kieran O'Donnell: If I understand the Minister's comments, he foresees infrastructural projects getting under way in 2015. Is that a fair assessment?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: ECOFIN Briefings: Minister for Finance (10 Feb 2015)

Kieran O'Donnell: What types of project? Are we discussing road or school projects?

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