Mr. John Beggs:

Well, I would say in relation to the AIB research report that you're quoting here, "They think it's all over ... but it's not", I sort of knew I'd regret that title because really what we meant there was, this was about us. In April 2006, in another report that's referenced in these documents, we were saying there were lots of risks there, there were a lot of parts going wrong, things needed to slow down if we were going to have sustainability. Come October, the market continues to grow. Now there were some further deteriorations in affordability, which we note in the report, but, unfortunately, we were struggling with this market to understand what was happening. You referenced the 93,000 houses. Our analysis was all about why do you need so many houses? We tried to understand what the key drivers were-----