Mr. Stephen Bell:

Our stance has been that the idea of writing down debts owed by people who continue to trade or exist in the previous form is not something of which we are supportive but where we have to enforce our security and sell the asset, it has to be sold at today's market price, and that creates write-offs. We stick to our distinction between write-downs and write-offs. There will have been large write-offs as a consequence of disposing of assets at today's market prices, which would be substantially less than the price at which we financed the transaction, but we have not done large-scale write-downs for companies that have continued to trade as normal.