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

I will quote it to you anyway, Mr. Cowen. It says, "...in circumstances that there may be specific concerns regarding the position of the financial system as a whole in Ireland, on account, for example, of its dependence on property-related lending". How does that square with your statement that there wasn't a realisation, which you've just said and you said it several times, in fairness, in answer to Deputy McGrath, that here wasn't a realisation that there could be a systemic risk?