Mr. John Corrigan:

It would have been agreed in advance that this was our expectation. My colleague, Eugene O'Callaghan, will correct me if I am wrong because I may also butcher the terminology. In simple terms, if one were doing a large share trade today, the implementation shortfall would measure the deviation between the actual share price secured and the opening share price. In other words, it seeks to measure in simple terms the market impact of unloading a large number of shares onto the market. It takes as a starting point the opening price, although one will not achieve this price if one sets out to sell more than 4 million shares. Not only would the bank have known the implementation shortfall; it would have been agreed with the bank.