Mr. Michael O'Flynn:

I'm not for a moment suggesting that amount of money should be lent to property. I absolutely ... it was far too much property for this State. But a lot of the property that was being lent on for outside the State and a lot of that didn't turn out to be as sound as one would have expected. But the reality of it is there was too much money lent in property. There wasn't enough regulation in that regard. And I've been speaking for our own structure and structures like ours - I think we were able to take a shock but the shock that came was just no ... no business can operate if the ... all the banks get into difficulty at the same time and all the customers are going to be affected at the same time. So, yes, I think there's no doubt that the banking ... the amount of lending, how a lot of the lending was done, the lack of regulation around it, I think all of those are big issues which I am sure this ... which I know this inquiry has a lot to assess. But I think that's the ... that's the root cause of the situation. That's my view. That's all I can give you is my view-----