Mr. Con Horan:

Well, I would make the point that I had tried, in 2005, to begin this process and I think, you know, the process of intervening in the market was going to be very important in terms of the signal it sent to the banks because there had been an approach over the years ... and, Chairman, I'd go back into the ... my view is the bubble commenced in the mid-'90s and there were letters going out requesting banks to control their lending, etc., but the rates continued to grow. My view was that we needed to do more than that and directly intervene with some capital measures to show we were willing to act. That's what I proposed in 2005. I think it would've been better if it had been introduced then. I think it would've been even better maybe if it was introduced earlier. But my concerns formed in early 2005-late 2004 and those concerns were based on my reading of what happened in the Scandinavian economies when ... researching that, they were saying that their growth rates were above 20% and that was indicative of problems. In Ireland we were growing higher than 20% - 25%-30% - and that's what was causing me concern and that's why I believed we needed intervention.