Dr. Dan McLaughlin:

Well, it's impossible to say but I mentioned in my ... in my presentation that in 2012, the Central Bank has four models of the ... of Irish house prices ... and they all show that Irish house prices had significantly overshot fundamentals ... and one of the models was suggesting house prices were 26% below fair value. So all ... all my point was that I think it's at variance with the facts to suggest that the global liquidity crisis did not have a very profound effect.