Professor Patrick Honohan:

A number of things can be said about that. The banks should, from time immemorial, have been looking at what other loans their borrowers had but they got caught with the big developers. They obviously thought, "we are lucky to be getting some of his business" and did not do the due diligence they would do on the smaller person. They have enough systems to do it for big people. They do not actually yet have a comprehensive view of the credit position of the borrower unless the borrower is forthcoming on that. Our creation of a credit register - which is being developed - will help to give them that overall view.

Cathaoirleach, could I just say one thing about Morgan Kelly in regard to what is in the report?