Mr. Liam O'Reilly:

I would say that my statement in the middle of 2005, which actually expressed those concerns and was saying that we were reaching the stage where institutions must make sure that people can afford this. And that was a worry that was being expressed there, that people wouldn't be able to afford houses. The situation had developed, there's no doubt about it, and it's a question of how it developed. I think that maybe we should not forget the incentive systems that were being provided for to buying the houses, as well as the easy availability of credit. But I would also say that there was a competition going on between financial institutions, this is in hindsight, which was totally inappropriate for the time.