Mr. Liam Kelleher:

No. And I think if you go back to the Nyberg report, he also referred to the prominence of commercial lending as being a significant factor. I think about the ... the issue about the commercial lending and why it didn't impact on the CIF in the way in which the housing figures did is that ... precisely because it was a relatively small number of relatively large companies. The investments in some cases would have been for completed buildings, not for ... not for construction activity as such. It would have involved a large number of players from insurance companies to pension funds, other investment funds as well as banks, who would be investing in commercial property. And I think there are figures to say that in 2006, 2007, there was €12 billion invested in commercial property of which something between €1.5 billion and €3 billion, I am not sure of the exact figure, was invested in Ireland. The vast majority of it was being invested outside the State.