Peter Mathews (Dublin South, Independent) | Oireachtas source

Mathematically, 66.66% of the loans advanced during the course of the bubble should be written off because they are for the accounts of the banks. The customers cannot create credit for themselves. They receive credit and in turn the banks get credit from investors, including in senior secured debt in the case of Bank of Ireland. That bank hosed €61 billion in senior secured debt at the people and invited them to take out tracker mortgages. It did not say it was creating a bubble that would burst.