Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

Okay. Mr. Horan, I want to refer to the core document booklet, Vol. 2, page 134. It's a short reference anyway, but the document references the fact that towards the end of 2007, Irish banks had already lost between 30% and 50% of their value since the start of the year and that this was due to the exposure of Irish banks to the Irish property market. Would you agree or disagree with this analysis at the time that the banks' exposure to property and the knowledge within the investor circle was having a negative effect on the share price?