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

Okay. Just on the broader context ... and to ... just a comment that you made earlier with regard to property diversification and that these are separate, stand-alone silos and that the risk is separate in all of these and so forth. I want to challenge the ...that assumption if I may and put it to you ... is that the subdivision of property portfolios into different classes, i.e. development land, office block, housing ... are they not actually both in the lead-up to the crisis and in the post-crisis period and even now ... but in the downturn ... or in a downturn or crisis ... these subdivisions, are they not actually quite closely correlated and related to one another? And they're not actually diversified, as we would say, in that when the prices drop in one sector, they usually drop in the other sector as well.