Mr. Michael O'Flynn:

The global crisis had a big influence. I think the euro situation, that euro lending that when we went into the euro and the lending that happened as a consequence of that and the access to money by the banks. And that's how the banks grew because of the access overnight and the access to short-term money. I think that drove property prices and I think property contributed but I think the bigger macro issues were the root cause rather than we were the cause. We were a contributor but not the cause.