Mr. Klaus Regling:

That is another phenomenon that one finds also in other countries. Given the very ample liquidity and the search for yield, banks and investors in general look to other possibilities to make money. They have leveraged huge liquidity. If they do not find opportunities at home, another way out is to go abroad. By the way, a third opportunity is to invest in strange assets such as sub-prime mortgages and other such assets. They are the three possibilities – all of which are not very good. We saw that happening also in other countries. Indeed, it was striking that some of the Irish banks got into property deals quite far away from Ireland.