Mr. David Duffy:

I don't have a detailed knowledge of all of them, but I am not surprised by that. I think there were circumstances that I saw of that nature. I think the problem that I could see there is that, a bank should never be the first loss in any lending and putting equity into a transaction puts you in the position of being a first loss there in many circumstances. Secondly, loan-to-values have to be very carefully considered; they should not be at 100% in any asset class even with guarantees. I have seen in the crisis, in my previous bank, a loan-to-value of 40% become 100% in a matter of five weeks. So they are an element but they are a spurious element, they cannot be the defining criteria of your lending. And as I go back to the point, if you are relying again totally on asset valuations, and loan-to-values against an asset valuation and you have equity in the deal and no cash flow comfort, then you have a much higher risk. So... hence our model today is cash flow lending, minor collateral but mainly cash flow lending.