Marc MacSharry (Fianna Fail)
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I mean no disrespect. In Professor Walsh's statement he described the growth and the change in the composition of loan portfolios at the aggregate level in the Irish banking system as being the seismic shift that occurred between 2002 and 2007. He also stated: "The risks associated with increased commercial lending are well known and have been well known for many years." Given that such lending had been recognised for some time as an important risk factor in banking crises, was the accumulation of such risk disclosed in periodic reporting by individual banks during the period 2002 to 2007? If so, what is Professor Walsh's assessment of the disclosures?