Ciarán Lynch (Cork South Central, Labour) | Oireachtas source

And in this morning's testimony and other testimonies we heard, that sort of transitional period between 2006 and 2008 where, in 2006, a lot of the people that have come before this inquiry have said that there was still an upbeat kind of forward looking, you know, positive view of things, that if things were to slow down, they wouldn't crash, that there'd be a soft landing and all the rest of it. How would that impact upon IAS 39 in the basis that, by 2008, we could see, whatever was in the rear view mirror, the road ahead was completely different. Was there any recognition that there was going to be that level of acceleration, so it just wasn't going to be a percentage increase on what came the year before - what was going to happen in the coming period was a major acceleration of loss?