Mr. Con Horan:

In terms of credit growth, I think the instruments ... and I hope the chart that I showed, showed that when we actually did intervene, there was definitely a change in market behaviour. I'm not saying it was entirely responsible for it. There were also interest rates, etc., that were effective at the time but if you look at mortgages, for instance, the speed of decline on the Irish growth rates was quicker than any European country after we introduced the measures. In relation to sectoral concentrations, clearly they would have been beneficial, but I think, again, I'd make the point that at a European level, issues like central ... sectoral concentrations were not part of the Basel process. While the Basel process did have specific limits on individual exposures, it didn't have anything on the sectoral front.