Mr. Brendan O'Connor:

It probably speaks to process. By the time one gets to a write-down, it is two years after one started to restructure the loan. In 2012 and 2013, when we stabilised customers and found out their sustainable earnings, we went through a process of engagement to come to an agreement and went through the legal and contractual write-down. We get to the point of write-down 18 months to two years after this. The bank has had a non-performing loan book of SMEs and mortgage customers and there is a process. What we see in 2014 is the culmination and the manifestation on the balance sheet of work that began back in 2012 long before anyone had a timetable for any initial public offering, and it will continue into 2015 and 2016 as the work that began in 2013 works through the system.