Mr. Derek Quinlan:

Well, I've ... this is the first time, Deputy, that I have read this. What I'm saying, in hindsight, of course one can look back and say, you know ... but a lot of people at the time, Deputy, and I want to just ... just to put this in context, the ... sorry, I apologise, I just need to get my paper out. A lot of people mistook what was happening in the market place and including those who internationally were extremely well advised. The chairman of the Federal Reserve, in 2007, felt that $100 million ... billion was going to be the sub-prime losses. This is the chairman of the Federal Reserve in 2007. Now, that was around February 2007. Now, the chairman of the Federal Reserve, they have a wonderful system, as I refer to it back here about Alan Greenspan, they did not see this coming. Now, that was in March 2007 where, you know, the Federal Reserve, the biggest Government bank, as I understand it, in the world did not see it coming while, within a very short period of time, in May 2008, the Swiss bank UBS announced that they had $37 billion worth of write-downs due to their holdings of the US mortgages. It's a very short period of time. It's ... I know it's just ... it's over a year, but there's the chairman saying ... so, it's very difficult to say ... because we're taking this in extract, I'm taking in extract, what I have found international commentators were commenting on the market. In hindsight, there is no doubt about it that some of the comments that are here are valid for not alone in Ireland but elsewhere.