Mr. Cormac McCarthy:

Again, Ulster Bank was not involved in the set up of NAMA. It didn't participate in the stress test. It didn't participate in NAMA. It had a significant impact on Ulster Bank, given that it was the mark in the market. So, in a market that wasn't moving at all, it was the only valuation methodology available, so it had an impact. Again, in the circumstances, I have some understanding of why one would do what was done but, again, I was not party to the discussions or the debate. We did have some conversations with NAMA about ... in the early days, about participation or, given that NAMA was the only vehicle that was acquiring assets at the time, as to whether we could participate, but it was ultimately for the guaranteed banks and not for us.