Eoghan Murphy (Dublin South East, Fine Gael) | Oireachtas source

You sit down with the banks at the end of 2004, and it's clear in the financial stability report your concerns about the property lending that's happening in the banking system. And in that same year, and I'll take one bank that's come up in evidence, Bank of Ireland, they have changed their income multiples, they've changed their loan-to-value policies, they've introduced First Start mortgages, and they've introduced more flexibility for seasoned multi-property borrowers. So they've done that in 2004. And at the end of 2004, you're warning them about this problem building. And then in 2005, they turn around and introduce 100% mortgages in response to moves by key competitors, First Active, Ulster Bank and PTSB.