The increase in property prices in Britain was not far behind that in Ireland, though the construction boom was much less pronounced, limiting the scale of the subsequent overhang. Nevertheless, as we all know, several sizable British banks got into difficulties too and had to be intervened or rescued. Both the Irish and British banking systems are unusually international in character.
I would like to reiterate once more that the Central Bank welcomes initiatives and innovations by the banking sector in coming up with new products and is committed to the creation of an enabling regulatory environment towards this end.