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

He continues:

Rarely, if ever, was it in the form of cash", "Rarely, if ever, was it in the form of cash. On the face of it therefore, developers had some skin in the game, but in reality that amounted to nothing more than unrealised equity positions levered by the developer to secure funding for new transactions.

He then goes on to say, and what this means in summary:

In effect, therefore, the banks were providing all of the real cash funding for both acquisitions and development. It is safe to say that quite often the borrower's paper equity position never paid for an acre of land or concrete or scaffolding or a worker's wage at the end of the week. The safety zone of borrower equity usually existed only on paper. The result is that the borrower was typically not the first to lose. In the event of a crash, the banks stood to take 100% of the losses and that's what happened.

Is that a fair reflection of the type of banking practice that you managed for AIB in your senior role?