Mr. Donal Forde:

No, it wasn't. I fully acknowledge ... I mean, as I've said, where ... in a way, the model worked so long as developers were able to sell their assets and the produce of the work that they were doing. We didn't require them to sell 100%, but we required them to be able to generate a measure of cashflow from those assets. The wheels came off when that was not possible because all economic activity got suspended some time in 2009, and the wheels came off at that point. I think it goes too far to suggest that we were allowing people just to build paper on paper, but I think we were doing that in some measure, yes.