Professor Patrick Honohan:

I do not think they should be shocked because I believe they recognise, from all the conversation that has been going on in the country, that other things were wrong in society. There was the great expansion of the property boom, the reckless lending and all of that. That is what I am saying. It is the legacy of all of that reckless, insufficiently regulated lending that they are paying for, and not just a snap decision on 29 September. That is all I am saying.