Mr. Frank Daly:

Two points Senator, just to follow through on that. The scale of lending in Ireland in the overall sense into property is another thing that struck me when I first came across this. It was extraordinary. I am talking about the period of 2006, you had €160 billion loans in regard to property - land and development €60 billion and commercial €100 billion. You also had on top of that €140 billion lending in mortgages and another €100 billion in other areas such as agriculture or industrial. So you had €400 billion being lent into the property sector at a time when the GNP for Ireland was about €160 billion. That is the overall impression I got of the extraordinary level of lending that was going into that whole property sector.