Sean Barrett (Independent) | Oireachtas source

Could I look at page 95 in that volume, if I may? This was, I think, in the early days of diversification. It's a board minute of 31 May 2002 and there were approaches on that page - "Go for Broke" or "Toe in the Water".

And when you turn over, the commercial property market, which was what they were going into, the document itself says "Annualised [...] returns over the period 1990 to date (peaked at 38.2% in 1998, now down to just below zero)". And when you go to year-to-date performance, the third item is, "Activity in the investment property area is down on last year (not surprising in view of the negative returns)". So were the signs not there that diversifying away from a business which they're very good at, going into areas with returns below zero or negative returns, as on the ... page 96 there?