Mr. Fergus Murphy:

First thing that they have is that they traditionally, over a multi-decade period, would have lower loan-to-values in their mortgage lending - No. 1. No. 2, they didn't allow themselves the concentration risk issues that emerged in Irish banking, particularly around property, and property lending. No. 3, they didn't allow their banks to grow by, as the Chairman mentioned, up to 30% per annum, over a multi-year basis. No. 4, they would have had stronger regulation, and regulation that would have been a little bit more proactive.

I refer there again to macro-prudential regulation. No. 5, in their marketplace and I'm not sure if this is a stronger point I'm going to make, but they would have had mortgage indemnity insurance on their mortgage books, more as a normal scenario, whereas in EBS it was ... we were a bit of an outlier having that. There are probably five things and, I mean, sixth maybe, Senator, but you'd know this better than I, their economy didn't grow as fast as ours did in the ten years before the crisis. You know, we grew so fast, we grew too quickly.