Mr. Cormac McCarthy:

I think, in an effort to be helpful, Deputy, what I'd say is, it was very competitive, yes, the market was extremely competitive, and that was characterised across the piece, so it was a very competitive market. As to whether the language that's been used in extremisis how it felt at the time ... that's not how it felt. At the time, we felt that whilst it was competitive, the economic backdrop and the economic story in a European and Irish context was extremely positive. Again, the population was growing ... economic growth, we had full employment, there was a deficit in housing, there was a need for housing, so across the piece the view was that the economic backdrop was very sound and the forecasts were good. But I would completely agree, it was a very competitive marketplace, but at the time, it did not feel the way that you have characterised it. And that's all I can say ... that's how I felt at the time and how the business felt at the time. Certainly, it was competitive but the backdrop was very positive.