Professor Eamonn Walsh:

From my reading of the reports that have been prepared, it would strike me that the conclusion is entirely correct, that the sectoral limits might have existed but nobody seems to have paid any attention to them. I would say the same if we move over to disclosures of individual exposures where clearly there were large individual exposures. When we look at the PwC report referred to, this becomes a super concentration of risk among individuals and with particular types of real estate lending.