Mr. Derek Quinlan:

The first transaction we did in the IFSC, which was George's Dock 2, it cost 19.2 million. We put up 7.6 million equity. So plenty of equity went in. And I was at a function at Christmas that year and I met this German banker who advised me that she had lent me the money for this building and I said "No. We borrowed from an Irish bank." And it was the first time I knew that the banks were selling the loans. So ... and I discovered that we were paying the Irish bank 1.5% but her bank were only charging 0.5%. So the Irish bank were pocketing the 1% at the ... and our clients were losing out on this.