Mr. Derek Moran:

Here, yes. I mean, I think, to be fair, and I've huge respect for Professor Honohan, that's the analysis looking back. I mean, you know, when you're in the moment, these things aren't as obvious. Perhaps they should be, based on the data available, but they're not as obvious. You know, with the benefit of hindsight and knowing what happened, you know, yes, he's right. At the time ... and incorrectly, let's ... you know, there was a broad-based consensus that, you know, that housing was going to ease back slowly. There was a view that - indeed from the Central Bank itself - that the banks were well capitalised and buffered against a slowdown and even a small fall in prices, and that was reflected in the commentary from other agencies. So they're the things that you had at the time.