Mr. Brian Goggin:

We were so opposed to 100% mortgages that when the Financial Regulator came to me ... I can't recall quite when. I think it must have been some time in mid 2006. I had a visit from the Financial Regulator who himself was expressing concern about the development of 100% mortgages in the marketplace. And he came to seek my view as to a remedy that he was proposing. And the remedy that he was proposing was to apply higher capital weightings to 100% mortgages.

And I can remember the meeting very well. My reaction to him was that he was wasting his time. And the reason I said that was that banks were running with surplus capital and that the imposition of a higher capital weighting would have zero effect in terms of changing the behaviour of banks but, to be helpful, I suggested to him that he immediately ban the provision of mortgages of more than 90%. I told him that I would come out and back him publicly. The reaction I got was it wasn't the role of the regulator to interfere in the market. To which my response was, this is the very time the regulator should interfere in the market. So, Deputy -----