John Paul Phelan (Carlow-Kilkenny, Fine Gael) | Oireachtas source

That's grand, yes. I want to move to core document, gentlemen, UBI - B2, at page 16. It's a memorandum to the board for a meeting in August of 2007, authored by Mr. Torpey. It's particularly a reference to sectoral limits, and there's a quote in it that I ... under the heading "Background", and was referenced yesterday in discussions with Mr McCarthy: "In recent weeks, the Irish Financial Regulator (IFR) has increased Ulster Bank [Ireland's] property sectoral limit from 250% to 500% of its regulatory capital base and may, following a diversification review scheduled for July 2007, be prepared to increase the limit further."

I would like to ask you, I suppose, firstly, Mr Torpey, in your opinion, did the fact that Ulster Bank Ireland could easily transfer the risk on its property portfolio in excess of 250% of its limit to its parent, enable the bank to lend more aggressively into the property sector in Ireland than would otherwise have been the case? And actually, I have a group of further subsequent questions, but if you could answer that one first, maybe?