The property bubble was partly fuelled by political and regulatory mistakes, education minister Batt O’Keeffe has admitted. Addressing the Construction Industry Federation (CIF) conference and dinner last Friday night, O’Keeffe said that those in positions of leadership in the construction industry had the ‘‘opportunity to help shape the future of the sector in a way that acknowledges the mistakes of the past’’. He listed those mistakes as ‘‘the failure of the Central Bank and Financial Regulator to properly control lending practices and the failure of the private sector, including developers and bankers, in amassing wealth without adequately considering the longer term implications’’. He also admitted to a ‘‘failure of politicians to curb a culture of one-upmanship and target-driven greed in the banking and property sectors’’. O’Keeffe said that the annual construction industry review and outlook, to be published this week, ‘‘will not make for happy reading’’. It will show that almost...
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