Mr. Alan Gray:

Of course, because it was something that was of particular concern to me, having previously - in 2005 - undertaken the investigation of what was happening in the property sector and the way the tax incentives were fuelling property prices. I was also very aware, as an economist, of the scale of growth in commercial lending that had occurred over the period from 2000 to 2007 and I don’t have ... I didn’t have time, Deputy, before this attendance to look at every reference but I do have some references that I would like to bring to your attention. At the regulator board meeting in, I think, mid-2007 - and you have, I understand, a copy of the board meetings - I did indicate that I felt it was necessary to examine in more detail the top property exposure in the banks. I suggested that there would be merits in examining the holding company accounts of the banks and ... sorry, the holding company accounts of the property developers or major borrowers, and to review whether information provided by the borrowers to different banks varied.

Were they telling the same story to each of the banks? And what was the credit assessment of those property developers by individual banks and was there any difference? Because it was known to people on the Central Bank and the regulator board that they shared the same clients.

I'd also point out that in December 2007, the banking supervisory division, following on from that point I made, conducted a series of inspection of the banks to look at the commercial property lending. And in January 2008, the IFSRA board were informed of a number of issues that were raised. I'd also like to encourage you to look at the board minutes for the regulator meeting in May 2008 when I again raised this at the IFSRA board and requested more investigation of the risk exposure of the banks to major property developers.

Just finally, and I won't ... I know you've lots of questions and I'm happy to answer them all. In June 2008, I asked of what progress had been made on this and I was informed at the board of the regulator that arrangements were being made to interview the heads of lending in the main banks in order to examine in more detail the principal exposure to property developers. And they were notes I had kept at the time but if I had time to forensically go through all of the-----