Mr. David Doyle:

The main increase in lending took place before 2006. It went from €40 billion in 1997 to €270 billion by 1996. There was another increase in 2007 of 311 and it's ... remained at that and started to reduce significantly after that. So, when I went on the board, there was a lot of concern about the explosion in credit that had happened - the potential implications of it. Their assessment was that it wasn't going to create financial instability. They had tightened some of the liquidity rules, made the decision in 2006, implemented it in early 2007 in relation to 100% mortgages but that was all too little too late. The first thing that I read on becoming Secretary General was an analysis from the International Monetary Fund on our regulatory regime which, as I said earlier, gave us a green card, not quite best-in-class, but the banks could cope with anything adverse that would come down the road at them.