Mr. Padraic Kissane:

First of all, the elephant in the room at the beginning of the crash was the tracker mortgage, which was costing the banks quite a lot of money. It was a temporary issue but the banks panicked. As I said in a presentation to the Central Bank, the elephant in the room was the tracker mortgage and, at the time, it would have been remiss of the directors of banks not to address the issue. Tracker mortgages were going to result in the banks haemorrhaging money but what they did was not legal. The banks tried to determine if there was anything they could do to take customers off tracker mortgages without consulting them. The elephant in the room had to be addressed and I know that meetings took place in that regard.