Dr. Dan McLaughlin:

No, I don't think ... I think the euro had a massive influence in two ways. One is the average mortgage rate fell very significantly, which gave a very significant boost to affordability for a good few years. But I think the major change for the euro was it suddenly transformed the funding side, funding landscape for the banking sector, in that the Irish pound market was a very small market and suddenly Irish banks could issue bonds into the huge euro market. So I think it was instrumental in facilitating the very rapid growth in credit because it was much easier for Irish banks to access liquidity. I don't think you can say it directly affected the credit side, I think that clearly it must have been competition. I remember some, I forget who it was now, some politician who said "There's too much competition in the Irish market", and in retrospect that was probably right.