Peter Mathews (Dublin South, Independent) | Oireachtas source

I am sorry, it is. I am dealing with a case. It is absurd. Bank of Ireland should be writing off the asset price collapse for its own account and resetting a mortgage over the period of the original mortgage. Bank of Ireland, collectively with the sector, created the asset price bubble, the Ponzi scheme, because it abandoned the golden principles of banking, fractional reserving. When the bad bubble burst, Bank of Ireland had €61 billion of senior secured debt on its balance sheets funding a crazy balance sheet. That is the challenge for the banks.