Ciarán Lynch (Cork South Central, Labour) | Oireachtas source

-----I will let you come back in. That ... by 2004 - and you're dead right - there was ... production in property and property investment continued and home ownership and all the rest continued afterwards. But Mr. Wright, in his report, is very critical of there being no counter-cyclical measures as far back as 2000 and 2001 and in his physical presence and ... when he gave his testimony before this inquiry when the analogy of the red button being pressed, he said the red button should have been pressed at 2004 because the crisis was now commencing. It wasn't the night of the guarantee was the crisis, it was the measures that came afterwards.

So given this information that you had to hand at that time, do you believe that anything extraordinary was required, or was it that there should just be a modest adjustment going into next year of €500 million?