John Paul Phelan (Carlow-Kilkenny, Fine Gael) | Oireachtas source

Okay. Briefly, then, in relation to another point that was raised by Senator Barrett, where you spoke about inexperienced developers. I think ... I can't remember what page it was. You said that there clearly was too much debt, too freely available and too many borrowers that led to a glut of inexperienced developers, many of whom traded in a short-term horizon. You've answered what you thought, I think, inexperienced developers were, but do you believe then that inexperienced developers, if they hadn't been lent this money, that we may not have had the property crash and the banking crash that we've had? Is that the implication of what you're saying? Because we've heard a lot of evidence that really the crash, rather than from the small operators, was from the over-concentration of the big figures, like I've mentioned, in a few individuals and individual businesses?