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Two of the four common “deep causal factors” in the periods leading up to the two crises include “Capital bonanzas” (very low real borrowing rates sustained by international capital inflows) and “Regulatory imprudence” (government negligence resulting from political pressure by special interests.). Only the U.S. crisis is considered to have been directly caused by mortgage loans to subprime borrowers; borrowers in Ireland were of comparatively high credit quality, though Irish lending standards did decline somewhat in the years immediately preceding the crisis. Securitization of mortgages into complex new financial products was primarily a U.S. phenomenon and was not a major factor in the Irish crisis.