Mr. Donal Forde:

I think I haven't answered your earlier question very well and if I may just come back to it for a minute. I think there is something in what you have said and in what the NAMA representatives may have said yesterday. The difficulty if you are funding a client that is involved in a number of different property projects is that it is difficult for cash to be realised. There are always ... property of any description when it's in the development, is cash consuming and as a lender you are always faced with that challenge and it is true that in many cases the equity as we saw it, that a developer would be bringing to the occasion would be completed houses or nearly-completed houses or it might be property or land, excuse me, some of which would have been bought five or six years earlier that now ostensibly was worth very much more.

So yes, we did regard that as equity, and you're right, when push came to shove, and things ... there's was such a collapse of economic activity, all of these came unstuck.