Ciarán Lynch (Cork South Central, Labour) | Oireachtas source

Okay. And there has been some suggestions that, in some instances, there was potential for no equity whatsoever.

So let's say a person creates one development, with the level of property inflation that was taking place at the time, the initial loan on that would be well exceeded by the new valuation on it, creating a position of equity in which another loan could then be drawn upon the basis of that equity, and that would become a very compounded situation, whereby several developments in different stages of completion, operation, construction, so forth, could be in place without there actually having ever been, in 70-30 terms, any down-payment of cash, but the percentages was met through equity. Would you be familiar with a lending practice like that?