Michael D'Arcy (Fine Gael) | Oireachtas source

Can I just conclude then, there was a financial stability report in November '07, which stated that the Irish citizens were indebted, now the most indebted people in Europe, up to 248% of GNP and they also stated the difficulty in relation to the CRE sector. Again, the coincidence of the FSR report, this report that you had sight of and a further ten months down the line. Did the banks' balance sheet exposure lead to the liquidity crisis?