John Paul Phelan (Carlow-Kilkenny, Fine Gael) | Oireachtas source

But that was core tier 1 capital for the banks, that they were able to then lend multiples of into the economy. Most of which, we've had evidence from several witnesses, at that time was being lent to property. Whether to developers to build property or to individuals or businesses to buy either commercial or residential property. And I just want, no ... and the question I want to ask you is, how could you make a decision based on a conversation at the Galway Races in 2000-----