Mr. Fergus Murphy:

I think it's illustrative of what was happening in financial services in Ireland, not just in Ireland, but particularly in Ireland, during a multi-year period, including 2007, Deputy, as to that letter, 29 June 2007. The system wasn't able to keep ... catch up, keep up with the volume. The ... putting it bluntly, it was a, kind of, "stack 'em high, sell them cheap" approach in Irish banking. Because of all of the liquidity that was there in the world, as we spoke earlier on about, and because so much of it was available to Ireland and to Irish financial institutions, for example, the focus was on profit before tax, rather than on return on equity. And so that meant institutions were typically building the balance sheet ... again I'm repeating, I'm sorry ... to the 30% per annum comments made earlier on, and if you keep doing it, it'll keep being virtuous. But then the music stopped. And so the organisation and the operating environment in the organisation, and the control environment in the organisation, and the banking operations, and the things that need to take place, like validating income or making a payment or ensuring affordability, were struggling, creaking at the edges to keep up with the origination machine that was being fuelled by the easy liquidity.