Mr. Richard Burrows:

There was discussion at board about the 100% mortgage, which was a response to competitive market activity by other banks in the market. I think the fact is, with the benefit of hindsight, one would not do 100% mortgages today but I'd make two points about that. Firstly, the collapse in property values that occurred in 2008, 2009 and 2010 was of the order of 50% so whether it was a 100% mortgage or a 90% mortgage or an 80% mortgage, it wouldn't have made any difference. The second thing is that 100% mortgages within Bank of Ireland, even at their peak, were a very low percentage of the total mortgage book, less than 5% of the total mortgage book so I don't think it was a major factor.