Mr. Peter Nyberg:

As I indicated in my opening statement, this is not the first systemic crisis that we have had in the developed world, not to speak of the rest of the world. We have had many of them in Europe, in Scandinavia for instance, in the United State and in South East Asia. It is not something new, but it is something that somehow was overlooked by banks, commissions, governments and so forth in the run up to this crisis. With the word " opportunistic", the commission wants to signal that there was a feeling of this time being different from all the other times it happened. The word "irrational" tries to give the same kind of information - that it has happened before. It was unclear why it would not happen again. It is quite important to understand that this was not just an Irish case. It happened all over the place and it has happened before. Speaking personally, it seems odd that one has not drawn conclusions from the fact that it seems to happen serially.