Mr. Dermot Gleeson:

I rather doubt that. I mean ... I suppose one bank in a small country where there is only one bank, you know, maybe that could happen but I don't think one bank could cause a bubble. I mean one bank can lead a bubble. I suppose I go back to the inference of Anglo in Governor Honohan's statement at the Dubrovnik conference that reckless lending by one bank put competitive pressure, as it did. We used to think, well we're not going to copy Anglo but you know managers in country towns who see their good customers walking across the street, inevitably there's an effect.