Marc MacSharry (Fianna Fail) | Oireachtas source

Okay. The Nyberg report states:

INBS’s overarching driver [and I touched on this earlier with you] was demutualisation and sale. This was frequently expressed by management, the Board and INBS members and was expected to result in a cash windfall for all parties. As the value of INBS would dictate the size of the windfall, it is noteworthy that the bank’s most significant growth spurt was during the years leading up to the expected demutualisation.

And that’s page 24 of the Nyberg report. In your opinion, did the desire on the part of management to maximise the value of INBS result in the adoption of poorer lending practices or more lax lending practices, or did it lead specifically to the growth in the UK?