Professor Gregory Connor:

They did not pile into the Irish property market; they piled into high-rated Irish bank liabilities, which they viewed as safe. The liquidity funding was not at the risky equity end in terms of things like new manufacturing facilities. That is risky, equity investment but what was happening was low-risk, liquid investment comprising interbank lending, Irish bank bonds, bank deposits and so forth. It was low risk but with some yield. Yields had fallen at the low-risk end but Ireland provided a safe-----