Mr. Frank Daly:

I referenced this earlier. It is important when you are talking about, particularly in the property area, that you don't just finger the five NAMA banks or whatever, that there were others in there who were just as active and in some cases, actually in relation to particular products - I am talking about 100% mortgages and all of that - who were just as active in that area. Some of them didn't come into NAMA, and in fact they are pretty much gone from the Irish scene. So it was wider. As to what encouraged it - and I am not talking about the IFSC banks which by and large have been better run and better managed than some of the others - I think it was a culture of competitiveness, it was the easy money that we talked about earlier and it was the sort of hands-off regulatory regime. It was a combination of all of that.