Mr. Tom O'Connell:

Yes. No matter how ... I mean, if the analysis of the indicators proved to be positive, you could certainly say things were fine. If the analysis proved to be negative, a central bank had to sort of put a positive gloss on things rather than frightening the horses. I think you're right. So it's a sort of a predicament, you know. You may recollect when the Northern Rock run happened, it happened because somebody, and I'm not sure whether it was the Bank of England or some commentator, they mentioned that emergency liquidity was being supplied to Northern Rock. So the use of the word "emergency" caused that run. So, you know, that would confirm to you that you had to be very careful, and maybe be elliptical about one's assessment of the overall picture, but it was pretty clear to me that, you know, we had a major property bubble and it had to burst at some time. One could never say when, but that was underlying the ... what was happening in the Irish economy.