Dr. Dan McLaughlin:

Not on the same scale, I mean, Spain did one a few years later, but you are, you know ... let's be clear, there was no credit, the global credit system had collapsed. AAA corporate entities that would normally issue short-term paper for a month to pay bills or to buy imports ... none of that existed. So, to try and get a price for commercial property or land in that environment ... anyone's guess and so, I think NAMA then said that subsequently, it had further mark-to-markets downgrades, I'm sure it did, but you're just crystallising losses at a stress point of the cycle and if you do that with any bank, you know, it's going to be problematical.