Mr. David Doyle:

I didn't have a bright idea. The lending had all been incurred. The problem, as Patrick said, was sitting in there waiting to pop out. What I did hear at the Central Bank was a lot of concern about potential exposure in the market, but I also heard was the ... the risk analysis that they did in their financial stability reports in late 2006 and late 2007 which said, "Yes we're concerned, yes there looks like the property is overvalued ... we've looked at this and our conclusion is that even with a market correction, the banks are well placed to cope with the pressures that could emerge.'' As I said, we were at fault for accepting that analysis.