Ms Mary Burke:

Yes. I think some of the main retail banks aggressively pursued business looking at what competitors were doing and, by their own admission in terms of evidence here, I think they accepted that some of that lending was not entirely appropriate. I think that some institutions should have stuck to plain, vanilla, residential lending and certainly not dabbled to the extent they did in commercial property. But one bank in particular was seen as a property bank and that authorisation ... when it was authorised, it was recognised that it would have problems with the sectoral limits.

The fact that that was also in what other banks saw as a competitive space with them caused problems. I think now we would intervene more assertively in terms of the business models, in terms of whether or not we think they are viable and appropriate, but at the time we didn't do that.