Mr. Derek Quinlan:

Well I ... I ... to answer you, I would have said that the banks probably lent - and they definitely did because we have the benefit of hindsight - lent to some people who weren't experienced. I mean, the developers that ... a lot of the developers ... you know, this is going back to timing. What happened here, Senator, as you know, is that everything happened on one ... when I say one day. Liquidity went out of the market, confidence went. I mean, no matter what you're doing ... you're standing up in the Senate, if you're not confident about the topic you're talking about you ... it's confidence went out of the market, liquidity, the location was wrong. Ireland Inc. suddenly became a no man's land and values dropped. Nobody could have foreseen how values dropped but they dropped like a stone.