Mr. Liam O'Reilly:

Well, what I'm saying is it didn't occur to me, but there is a second element to that. These limits ... we were in what was called the market paradigm period, where it was better to apply a price rather than to be trying to apply quantitative limits that can easily be got around, and I think the Honohan report did mention the fact that these sectoral limits could be too easily got around. So the concentration at the time, I seem to remember, was on how exactly could you apply capital ratios to increase ... to measure the increased risk that would be involved in this lending activity.