Mr. Peter Nyberg:

As the report indicates, Irish banks were determined to grow fast. Any bank that wants to grow more rapidly than its deposit base will have to fund itself from somewhere else. The banks therefore used market funding for the difference. Where they took it from was a question of cost and where they had good relations. Unless there had been active international markets to which the Irish banks had apparently risk-less or very low risk access they would not have been able to do this. It all hangs together, not one without the other.