Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

Okay. Now in note 8 to the accounts, dealing with asset quality there are a number of tables, which as you indicate, do statistically break down, you know, the loans that have been provided and there are descriptions given including, the word property is used as one heading, construction is used as another but no commentary. And when you go on to note 25, which deals with risk, there isn't, as I can see, a reference to concentration risk in terms of the concentration of the bank's exposure to property construction development, for example. Yes, the figures are in the tables in note 8, but in note 25, where really the directors are describing their approach to risk management, there isn't any reference that I can see for 2007, for example, to what emerged as a key risk for the bank. An overdependence on one sector and the risk of the collapse in that sector meaning many of the loans simply couldn't be repaid.