Mr. Peter Nyberg:

Yes, the Chairman is correct in a way. Normally most people do not speculate, of course. However, both in Ireland and elsewhere there are not only big speculators but also small speculators. While it is not in the report, I have been told by knowledgeable people that there were people who borrowed money to buy real estate in Ireland but also outside Ireland in the hope these would prove profitable for them in the long run.

I have been told - it is not in the report - by knowledgeable people that there were people who borrowed money to buy real estate in Ireland and also outside Ireland in the hope that it would prove profitable for them in the longer run.