Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

Go raibh maith agat, a Chathaoirligh, agus cuirim fáilte roimh an triúr ag an coiste. Obviously, the big issue in many homes across the State is the fact that the State had to put in €64 billion of funds into the Irish banks and that doesn't .... obviously, there is other concerns in different jurisdictions in relation to Ulster Bank.

And I would guess that the perception out there, the common perception out there is that that happened because of a housing bubble, that house prices had gone out of control and losses were incurred by the banks. Now two of you have mentioned that it wasn't actually house prices that it was commercial property, Mr. McArdle made reference to that and Mr. McLaughlin you've made reference that it was commercial property losses that broke the bank. Can I ask you to, both of you to expand on why it was commercial property losses and not the losses in mortgages or housing that actually caused the significant losses in the banks?