Mr. Paul Gallagher:

Well I wouldn't pretend to be in a position to second-guess anything Professor Kelly said but I don't think the two are incompatible. What is a documented fact in anything that I've read is that the money markets froze after Lehman. Nobody was prepared to invest. So you look at Ireland and you say "There is a problem there, they are overexposed to property." So you're not going to invest anywhere and you're certainly not going to invest in Ireland so I don't think they're incompatible.