Former Finance Minister resists saying whether a property bubble existed
Charlie McCreevy has denied that he was reckless with the public finances, and resisted answering whether he thought a property bubble existed in Ireland during the boom.
The former Finance Minister says his record in office has been misrepresented , and he stands by it.
The former Fianna Fáíl TD began his evidence at the Banking Inquiry this afternoon with a vigorous defence of his record running the country's finances.
"Since the recent national downturn, critics are suggesting that we should not have spent all of this money," he said.
"If we had spent less, it would have meant larger budget surpluses. Some of us have gone on to say we should have built up further rainy day funds … are these people for real?"
However, the inquiry went into private session for some time after the former minister was accused of failing to answer questions.
Mr McCreevy would not give a direct answer when he was asked if he thought Ireland had experienced a property bubble.
The former minister said he wouldn't answer questions that didn't relate to his time in office - to the frustration of Sinn Féin's Pearse Doherty.
"You are avoiding answering a very simple question which is very relevant," Doherty said.
After being reminded of his legal obligations by the inquiry chairman, Ciaran Lynch, McCreevy responded that he did not believe there was a property bubble "during my time", and said he did not believe his policies had fuelled it.
