Mr. Klaus Regling:

It is probably five or six years before 2008, so that would be from 2003 onwards. It is in those years that the data clearly shows that the property bubble became very big, so bank lending grew sometimes at 80% or 90% per year. That was when these problems appeared, not only in Ireland but in many other countries of the world. It was a global environment, with the EU integration of financial markets and the home-grown problems of not responding adequately to that. I think it would be that five-year period.