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Committee of Inquiry into the Banking Crisis: Context Phase (25 Mar 2015)

Kieran O'Donnell: What would there be instead, in Dr. Mercille's view?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Mar 2015)

Kieran O'Donnell: In Dr. Mercille's view, if the media had told the truth, would the property bubble have arisen at all?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Mar 2015)

Kieran O'Donnell: So Dr. Mercille would put the media very much centre stage in terms of being-----

Committee of Inquiry into the Banking Crisis: Context Phase (25 Mar 2015)

Kieran O'Donnell: It is so obvious, Chairman, that I have to ask it.

Committee of Inquiry into the Banking Crisis: Context Phase (25 Mar 2015)

Kieran O'Donnell: In Dr. Mercille's view, could one make the point that the media were a contributing factor in the property bubble, or not?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Mar 2015)

Kieran O'Donnell: It played a role.

Committee of Inquiry into the Banking Crisis: Context Phase (25 Mar 2015)

Kieran O'Donnell: Dr. Mercille made a very interesting observation that in 2006 - ironically, when the property market was in decline and the crash had more or less happened - both INM and The Irish Timesbought property websites. Did Dr. Mercille do any study examining how a situation had arisen whereby two large media publications had purchased property websites when effectively the market had reached its...

Committee of Inquiry into the Banking Crisis: Context Phase (25 Mar 2015)

Kieran O'Donnell: Did the purchase of those two websites manifest itself in any way in the media coverage of the property sector provided by both of those organisations from 2006 on?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Mar 2015)

Kieran O'Donnell: How much time do I have left, Chairman?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Mar 2015)

Kieran O'Donnell: Dr. Mercille referenced an article in The Economistin 2002, which was followed up in 2003, which said that the Irish market had been displaying bubble-like symptoms in recent years. It calculated that Ireland's property market was overvalued by 42% relative to the average of the previous three years. There were also warnings from some Irish contrarian economists.Around that time The...

Committee of Inquiry into the Banking Crisis: Context Phase (25 Mar 2015)

Kieran O'Donnell: Yes.

Committee of Inquiry into the Banking Crisis: Context Phase (25 Mar 2015)

Kieran O'Donnell: Is Dr. Mercille saying it was a case of "See no evil, hear no evil, speak no evil," like the three monkeys?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Mar 2015)

Kieran O'Donnell: Does Dr. Mercille believe the Irish media did not do its job?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Mar 2015)

Kieran O'Donnell: Does Dr. Mercille believe, on the basis of his studies, that media outlets were aware that there was a problem with property? Was it a sin of omission? Did they simply fail to report on it?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Mar 2015)

Kieran O'Donnell: Thank you, Chairman.

Committee of Inquiry into the Banking Crisis: Context Phase (25 Mar 2015)

Kieran O'Donnell: Dr. Mercille referred to property-related taxes in the context of GDP in his statement. Did he get an opportunity as part of his research to examine the growth in advertising expenditure as a proportion of total income of newspaper outlets and how much of that was property-related?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Mar 2015)

Kieran O'Donnell: Does Dr. Mercille know by how much it increased based on his research?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Mar 2015)

Kieran O'Donnell: What was the figure in 2002?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Mar 2015)

Kieran O'Donnell: So it increased by at least 60% or 70%.

Committee of Inquiry into the Banking Crisis: Context Phase (25 Mar 2015)

Kieran O'Donnell: Did Dr. Mercille review the coverage of property in individual newspapers and other publications between 2000 and 2007? Was there a difference in the way they dealt with the issue and the Irish market?

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