Mr. Frank Daly:

I think it's for others probably to say whether Irish banks have reformed. I suppose the comment I'd make in relation to the areas you mentioned, pharma, and they're now very much into agri, I think they have the expertise, I think they have a greater prudence, level of prudence and caution. They're obsessed with the property market now, but they're probably obsessed, actually, at the other end of the spectrum, in that they don't really have any great enthusiasm for getting involved in it at all, and that in itself is a, you know, ultimately for the country is something that needs to be ironed out. I think, in fairness to the banks, they have made great strides. You know, it's a matter for you to discuss with the banks about the changes in their structures, and the changes in their personnel. It's well known, without NAMA being the experts in that area, that there have been significant changes in the personnel and structures of the bank. I think they have a much more risk-based approach now, and I think the boards of the banks, in particular, I would say if there's one thing that has happened over the last number of years as a consequence of all of this, is that directors in the banks are very, very keenly aware of their responsibilities as directors, and what you might want to explore with the banks is the extent to which that was there pre the crash. So I think they've improved. Are they perfect? I'm not going to pronounce on that.