John Paul Phelan (Carlow-Kilkenny, Fine Gael) | Oireachtas source

I'm going to change to the matter of 100% mortgages, and we've had a lot of evidence from previous witnesses as to the introduction of that particular product. And I want to put you particularly a quote from Mr. Brian Goggin, former chief executive of Bank of Ireland, who gave testimony to the inquiry last week on the product, and he said, and I quote:

The pioneers of 100% mortgages was Ulster Bank through First Active. And we actually ... when the concept of providing 100% mortgages was first raised at a group risk policy committee, my recollection is it was declined and by the time we came to providing 100% mortgages, we were very much a reluctant follower.

I want to ask you both: do you believe that Ulster Bank effectively then drove other banks in the Republic of Ireland into the 100% mortgage market and ultimately into making decisions which, up to that point, they wouldn't have made?