It is table A2.2 from the Central Bank, where bizarrely, George and I got a job not that long ago. George Lee here and I nearly shared an office but he got out quickly. He said, Iím not sharing with him, heíll bring down the name of Economics, and youíre right too. Then, many years ago I worked on this particular table when the figures were reported. This table tells us how much money weíre borrowing.
This is a great little figure. Basically, in there by the thirteenth of November of 2006, this great little country of ours had borrowed, essentially net borrowing, 315 billion Euros. Private sector credit. Thatís what we are borrowing. 315 billion. Our GDP, our income, is 176 billion. On the one hand we are borrowing 315 quid, and on the other hand, we have an income of 176 quid. Whereís all of this borrowing going? This is all private sector borrowing. 82 percent of that figure, and the growth of that figure, is going to the housing market. Thereís nothing else going on. When you pull back the curtain on the multi‚ÄĎnationals, and the Botox, I was actually down at the Viagra place in Ringaskiddy, which is another fantastic place, Iíll tell you, just so we have an equal opportunity employer here. Thatís well worth having a go as well, if you really want to see bizarre parts of Ireland, Ringaskiddy and Westport. The other thing we make: silicone implants and collagen implants. We have a vested interest, just as an aside, we have a vested interest in making American women really neurotic. So buy the Desperate Housewives DVD box set and take notes, and see how we can influence the world, because Teri Hatcher is going to determine our future. Just so you know all of this. Sound strange? There are tangential connections here.
Back to what weíre talking about. 82 percent of every single Euro that is borrowed today in this country is going to go into property. What else is going on here? Can someone please tell me? If we take out our multinational sector, what else is going on in this country, that isnít property?
The answer is very, very little. Therefore it is entirely justified to focus on the property market. The property market, we know, is not a sleight of hand, itís a great thing called EMU. EMU, Dan is absolutely right, in peacetime it is unprecedented. Rarely has a country, of scallies, managed to snaffle the pin card of the ATM machine of another country in one fell swoop. That other country is Germany, ladies and gentlemen.