Mr. Simon Carswell:

I do not think so. One is looking at the other side of the balance sheet there rather than the loans. There was a huge push to lend as much as one could but the funding side of that struggled to keep up. Anglo was able to borrow in the wholesale markets to fund that lending growth because of Ireland's entry into the euro and the access to vast pools of funding without currency risk.

That gap got bigger and bigger as the bank tried to keep up with providing loans to customers in the market. At a particular point, over 50% of its funding was from wholesale markets. It was borrowing very very short and lending long; the average duration of its borrowing near the peak of its lending was well below a year, and the average length of a loan was three or four years. With such a gap, if there is any kind of stress in the liquidity market, that bank will be in serious trouble. It is not unique to Anglo. Many of the banks in the market had that very heavy reliance on wholesale funding.