Mr. Con Horan:

Well, I think, just again, without getting into the technicalities of it too much, the rule and ... you know, was where you had an exposure that had a common predominant risk factor ... and the issue and the arguments that the bank made - and I would say, Senator, that this preceded the establishment of the Financial Regulator - was that if you had a hotel ... funding a hotel in Sligo and an apartment block in London or an office block in New York, they were not subject to the same common predominant risk factor, and that was the argument that banks were putting forward in terms of that they weren't exposed and weren't breaching the limits per se.