Michael D'Arcy (Fine Gael) | Oireachtas source

You have considerable international experience and experience, indeed, in financial crises in other jurisdictions. Could I ask your opinion in relation to the market's view from late 2007 that the reason the Irish banks' share price was collapsing and, indeed, the liquidity crisis for the Irish banks and the Irish financial institutions was worse here than in others ... the Morgan Kelly view was because the markets understood that the balance sheets and the loans, in particular, to the commercial real estate sector were so poor that that was the real issue instead of the liquidity crisis as a result of Lehman's? Could I ask your opinion, Mr. Murphy, in relation to which was the deciding factor?