Mr. Alan Dukes:

If property markets do not deteriorate any further from the levels they have currently reached in the UK and Ireland, I would be quite confident that we could meet those targets. If liquidity in both of those markets improves over that period, we might be more sure of realising those targets. If liquidity became available and property markets firmed up we could do better. There is a whole pile of conditions and speculations in there. On the other hand, if property markets deteriorate further there will be a serious downside risk. As I said in my introductory comments, as we go through it the deleveraging process will become more difficult because, of necessity, we will be getting down to the more distressed levels of the loan book, some of which may be difficult to dispose of.