Mr. Donal Forde:

Well, I think, the way a loan officer does this is they look at this from first principles. So if there is a piece of property, you look to see what's the potential productivity of that piece of property, so is it to be used for residential development, how many houses can be built on it, what's the price of those houses, what's the cost of building those houses, what will the density be, how long will it take for the money to be realised. They're meant to work it out from first principles and then stress test that and that determines the value of the property. I think I made the point in my statement that perhaps there was less of that and too much of the reliance on "the auctioneer up the road says this is worth €4 million" because I'm not sure what value attached to that in some respects. But the loan officer's job and he would be coming with 20 years' experience to this, would be to look at that asset and establish what seemed like a fair value for that asset and in many respects, the getting or the seeking of an independent valuation would be confirmatory more than anything else. I mean, more value would attach to that senior lending officer's valuation of that asset frequently than would to the external-----