Ciarán Lynch (Cork South Central, Labour) | Oireachtas source

Thank you, Mr. Daly. Thank you, Mr. McDonagh. I know that the proceedings are scheduled to run until close to 6 p.m. today, so members will have a number of opportunities to come in. I am very conscious, though, that we need to manage this both in terms of breaks and getting through our programme as well. We have four lead questioners this morning. Just before I bring in our first lead, which is Senator O'Keeffe, very briefly, Mr. Daly, can I ... just going over your opening statement, and I just need to get this substantiated before I just give you one question. Are you stating that during the crisis period borrowers were given 100% of funding to their development projects without actually having to make any cash contribution to those projects themselves while at the same times the banks were actually taking 100% exposure in terms of risk to those loans?