Mr. Gary McGann:

You know, I'm ... as in most walks of life, Deputy, I think we can all find people who will posit a view that actually fits a particular theory. I don't buy the simplicity of that. Nobody, for example, planned for a systemic downturn, one-in-100-years event which, basically, brought about a lot of circumstances that nobody had anticipated.

Anglo Irish Bank's capital ratios were strong. Anglo Irish Bank was replenishing its shareholders' funds on an annual basis because of tight cost-to-income ratios, low dividend pay, or decent dividend payout ratios, etc., so I don't think it was all a one-way street. I accept that, in hindsight, there were aspects of the model that did not stand up to the test of this type of environment, for sure.