Mr. Frank Daly:

I think - and Mr. McDonagh may want to come in on this - for me the key point in relation to that is that once we joined the euro, then the risk versus the Irish pound, or the currency risk, pretty much disappeared and there was ... essentially a wall of money became available to the Irish system and, to put it frankly, we didn't use that wisely. We were concerned about certain aspects of it. There'd be a lot of debate about the rate of interest; I think there was little enough debate about whether that would suddenly ... that tap would suddenly be turned off.