Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I thank Mr. O'Beirne for the clarification. We hear about the volume of lending. A total of 12% of the Bank of Ireland lending business in the first quarter of the year involved switcher mortgages. We have heard the same from the other banks. This money is circulating, but it is not real new money into the economy. When we are looking at the figures from banks for new lending, some of it is inter-lending to other banks.