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Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Ciarán Lynch: I thank Mr. Moran. I call Deputy John Paul Phelan, who has six minutes.

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Ciarán Lynch: Senator Sean Barrett has six minutes.

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Ciarán Lynch: Is that a retail bubble or a shopping bubble or what is it?

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Ciarán Lynch: We over-retailed.

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Ciarán Lynch: Did it set a benchmark?

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Ciarán Lynch: Is that correct?

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Ciarán Lynch: Let us ask the witness.

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Ciarán Lynch: What is the Senator citing?

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Ciarán Lynch: So the Senator is quoting from the minutes or the transcript of proceedings of that meeting.

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Ciarán Lynch: What date was that?

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Ciarán Lynch: The Senator should conclude.

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Ciarán Lynch: The Senator should put his questions because he is already over time.

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Ciarán Lynch: There is no "just" about it. If the delegate gives an answer, there is no "just" about it.

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Ciarán Lynch: As Deputy Michael McGrath noted, part of the committee's work is to look to the future, consider policy matters and make recommendations based on the evidence presented to us. Mr. Moran has referred to the current rental cost per square foot in Dublin. How does it compare with prices in other urban centres such as Cork and Limerick? How far ahead is the cost in Dublin?

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Ciarán Lynch: Is the issue at this time one of supply rather than demand or a mixture of both?

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Ciarán Lynch: At what point during what might be called the bubble years, 2002 to 2007, was the cost around €50 per square foot in Dublin?

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Ciarán Lynch: There was an escalation to the peak when the figure was at about €50?

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Ciarán Lynch: Would Mr. Moran say, therefore, that there is a warning signal flashing?

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Ciarán Lynch: I have another question which brings us back to the 2002 to 2007 period. From our testimony a witness came here and said red lights were flashing in other areas, such as if a bank's profitability was growing so fast, questions would need to be asked as to why that profit is growing so fast. The consumer price index between 2000 and 2007 was running at about 30%. Research...

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Ciarán Lynch: We will split the difference.

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