Saturday 18 November 2017

McCreevy's claim bubble was not on his watch just isn't credible

Former Minister for Finance Charlie McCreevy, who appeared before the Oireachtas Banking Inquiry this week
Former Minister for Finance Charlie McCreevy, who appeared before the Oireachtas Banking Inquiry this week
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Ronan Lyons

This week former Minister for Finance Charlie McCreevy appeared before the Oireachtas Banking Inquiry.

His refusal to answer whether or not he believed Ireland suffered a property bubble that burst in 2007 was not only great TV, it also brought up some important issues.

For example, as this newspaper reported: "The conflict arose when Mr [Pearse] Doherty asked the former minister if he believed there had been a property bubble in the previous 15 years before the financial crisis. Mr McCreevy insisted he would only answer for his time in office and there had been no property bubble during that time… [after legal advice] Mr McCreevy said from 2003 to 2007 house prices grew at an extraordinary rate. He supposed that was a bubble. But he said: 'I don't believe the policies I pursued helped to create that bubble'."

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