Mr. Jonathan Sugarman:

No. Sorry, "No" is a presumption here but effectively, as a bank, we have a licence. That licence allows the bank to conduct its affairs as a bank within the regulations, limits and laws of the Republic of Ireland. If every bank had adhered to those laws, we never would have found ourselves in a position where we had to either give the banks an overnight guarantee or bail them out for €65 billion. How on earth did we arrive at such a situation? Not only were market risks ignored, because liquidity is a market risk, but credit risks were also ignored, which is why there were decisions being made about forking out €50 million and €100 million without any credit analysis. In the same way that my job is about market risk analysis, there is a department in the bank that carries out credit analysis. Is it a wise idea to give €100 million to this developer to build X number of houses on a bog?