Fianna Fáil Deputy Leader and Spokesperson on Finance Brian Lenihan TD commented, “We welcome the report and look forward to studying it in detail.  In the meantime, we support its core analysis that there was a systemic failure of regulation and oversight.  The report is a direct challenge to what it shows to have been a wide consensus through that period which looked at the property market primarily in terms of the need for more houses and expectations of rising prices.

“The report is also correct in pointing to the political consensus, involving all parties, which saw the main issue at the time as being the expansion of public services and increasing public spending.  Fianna Fáil accepts its responsibilities in this regard, but the question remains whether Fine Gael and Labour will now recognise and acknowledge their role.

He concluded, “We welcome the fact that the relevant agencies have received the report and have been asked to examine possible legal action concerning failures of corporate governance.”