Mr. Eugene Sheehy:

Okay. We breached it and it was ... as soon as it was identified, you know, it was reported and discussed with the regulator, so, if you like, it was a breach in open sight, it wasn't something that was hidden. The regulator acknowledged the breach, didn't remove the limit, you know, but at the same time acknowledged that we were working on the Basel II process, which was going to look at it in a different way.

If I could just briefly explain, Basel II, the approach to credit concentration in Basel II is totally different. It is not by looking at a definition of an asset class, it looks at all individual credits and applies different stresses and measures to them and attaches a risk weighting to them which leads to a calculation, so it was really as different as chalk and cheese, the way this system was moving towards it. In the meantime, we were in breach and we were talking to the regulator.