Mr. John Moran:

I reiterate we believed that there would be a soft landing. We thought that values would fall by 5% to 15%, not by, as I stated, 70%. We were aware of all the economic commentary that was in the marketplace but what nobody, certainly in Dublin anyway, was aware of was what was happening globally. We were not aware that Lehman Brothers was about to collapse. We were not aware that there was going to be a credit crunch. We, certainly, were not aware that the banks had over-lent in every aspect of real estate which led to the cataclysmic events that we have endured. What we have just been through in the property market is unprecedented. It has never happened before. We knew there was an adjustment coming, but certainly not of the magnitude that we have currently undertaken.