Mr. Kevin Cardiff:

Okay. There was ... in the usual fashion, Deputy, I read a document this morning that I can't remember and I read a document years ago, I can't ... there was certainly specific advice to Ministers about problems that might come from over-reliance on the property sector, in particular, in the fiscal field. It wasn't coming from me so I can't ... I can see if I can find it where I saw this and send it in to you. But there was advice on that. There was also very specific advice and probably much more specific than any of the external agencies were giving and so forth, and I think the Wright report says this, for example, in relation to the fiscal position.

In relation to credit, there was a clear knowledge of the fact that credit was growing very strongly and I think there was also a general belief that most of that was underpinned by, sort of, fundamental shifts in the economic position. That was ... the things that were shifting that would support a credit growth or more credit in the economy - first of all, the sectoral change in interest rates, we had moved from a place where there was always ... pre-EMU we had always had to have higher interest rates to avoid outflows of funds from the economy so, in EMU that ... and for other reasons too, monetary policy reasons, in EMU, we had the European interest rate, which was lower, and that was a sectoral shift.