Michael D'Arcy (Fine Gael) | Oireachtas source

Can I just follow on in that paragraph:

Indeed, he 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." X outlined a work programme including a "roadshow" designed to convince the bank boards of the "rationale to curb lending" no [direct] regulatory action was [recommended].

The "rationale to curb lending" we know certainly didn't happen because we know from the banks' balance sheets not alone did they not curb lending but they actually grew at a faster rate. Did this matter come up subsequently to April 2004, that there was a concern about systemic risk between both boards, between the joint meeting?