Mr. Michael Walsh:

-----and, you know, there was nobody I would say actually sort of saying “Well, there's this minnow over here we have to try and follow them”. You know, clearly, the performance of Anglo, which was very public, very successful, but was actually a very different model to the society. I mean, Anglo was entirely focused on commercial lending from day one. It had no natural deposit base. It was highly dependent on, you know, both the commercial deposit base, it was highly dependent on the interbank market, it was highly dependent on corporate bond issues. So, you know, the society was in a much different situation. It was much more liquid and had much less gearing. I mean, the gearing ratio in Anglo is over twice the level it was in the society. When I talk about gearing, I'm talk about loans to actual capital. So, you know, they were very different. But to go back to your original question is, you know, by definition, no one institution can create a bubble. I think, you know, some institutions have said "Well, we were out there playing follow the leader, we weren’t thinking for ourselves". Certainly, nobody was playing follow the leader with us. The society was, as I say, the minnow. Over the period, you know ... and the worst of the property crisis obviously was in Ireland ... over the period 2003-2008, I think the society lent a total of about €2.5 billion into the Irish market. You know, as I said to you earlier, in 2008 alone AIB actually lent more than that into property and construction.