Property developer tells Inquiry he is sorry he did not predict crash

One of the country's biggest property developers has said that he is sorry that he did not predict the size of the property crash.

Joe O'Reilly said that he simply did not foresee the extent to which property prices would collapse.

One of Mr O'Reilly's companies is responsible for the Dundrum Town Centre, while another owns stakes in other shopping centres in Dublin.

He told the banking inquiry that he had no idea how suddenly the collapse would come.

"From my personal perspective, and with the benefit of hindsight, I do regret that I did not foresee the extent of the banking crisis and the property crash," said Mr O'Reilly.

"The severity of the crash took most property professionals by surprise, as it did the department of finance, the Central Bank and many respected international agencies," he said.