Joe Higgins (Dublin West, Socialist Party) | Oireachtas source

Okay. So, presumably, this is then an analysis of the information that has been fed in from the banks and the regulator looking into the banks. Okay, X then suggested that the Central Bank "had not convinced market participants that there may be "systemic risk" [that's in inverted commas, suggesting that that's the very word that was used] building up in the banking sector" and "indicated there may be a "degree of euphoria building up in the property lending markets and that the boards and management of banks are being myopic about the potential risks."." Now, would you agree that that is a really serious assessment - very early on - in April of 2004 of what was happening?