Mr. Brendan McDonagh:

I think the banks were very concerned that the valuation model could produce higher losses for them. They would've seen probably the draft ... they would've seen the early cuts of the valuation model. And, I suppose, they would have been the person ... people with better knowledge of the loan books than we had at that stage, because we did not have the information. And, I suppose, the reality is that the discounts did turn out to be much higher than anybody thought and probably the first people maybe to recognise that would have been the banks themselves.