Professor Gregory Connor:

That is speculative but, of course, the property development community was a very strong lobby at this point. The banks also had lobbying power but the property development community had very strong relationships with members of the Dáil and they were going to hurt most if the two biggest supporters of the property development community were let go in a shock bankruptcy. They would all be then subject to immediate restructuring. So I suspect that played a role, but that is clearly beyond my expertise. I do not know why they made the wrong decision but I believe strongly that the decision was wrong.