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from Businessworld.ie
Quote:
Senior officials from the OECD and the Central Bank recently accepted that the Irish property market is overvalued by 15pc, according to a confidential account of their meeting produced by the Paris-based body.
Central Bank officials, however, were reluctant to disclose such a figure in case it might destabilise the Irish property market, the Irish Times reports.
At a meeting of senior officials from the Organisation for Economic Co-operation and Development and the Central Bank on the subject of the property market, Irish officials were told of OECD research that suggests that Irish prices were 15pc overvalued.
The memorandum notes that senior Central Bank officials agreed with the judgement.
The think-tank represents 24 of the world's leading economies, including Ireland. It conducts in-depth studies of a range of policy topics and issues policy advice to its member states.
The views of the OECD and the Central Bank are recorded in a memorandum summing up the preliminary conclusions of the next Economic Survey of Ireland, which is due to be published officially in January.