Ms Ann Nolan:

I think the real problem with Anglo at the time, okay ... and I'm ... I mean, I'm not an accountant so ... an accountant would have to tell you whether they were solvent or not.

The real problem was that - and I didn't know this at the time but I know it now - their model was broken. They were lending effectively into the building industry. The bulk of their lending, directly or indirectly, was into the building industry. And that method of financing developments can't be done any more, you know, banks will never again give more than 60% into development loaning ... lending - 60% of any given development. So, the problem wasn't so much ... there were several problems but the big thing was that there was no capacity to regenerate profits, which the other banks had.