Joe Higgins (Dublin West, Socialist Party) | Oireachtas source

Okay. Mr. Black, who was a regulator and has a huge amount of experience in regulation and in dealing with bank crashes from the late 1980s and 1990s on, but he said a number of ingredients could be guaranteed in a banking system to cause catastrophic loses. Among those is grow like crazy, make terrible quality loans and employ extreme leverage. He said that these ingredients would inevitably lead to record profits. He further said, "Under modern executive compensation the senior leadership [of the banks, that is] will promptly be made wealthy", and then it will result in catastrophic losses. Do you recognise Bank of Ireland in that scenario which Mr. Black outlines?