Mr. Padraic Kissane:

One hundred percent of those were underwritten on an interest-only basis. They were never underwritten on a capital-and-interest basis because most people could not have afforded those two loans, four loans or five loans.

I acknowledge this is moving into a separate area but it is a crucial issue. My report, put up on the website at the time in question, amounted to seven or eight pages. What I was trying to highlight at the time was that the institutions saw a chink, went for it and got what they wanted. I said it was only going to be a steppingstone to other matters.