Sean Barrett (Independent) | Oireachtas source

Certainly. UBI-B2C, Vol. 2, pages 19 to 30, and, in particular, page 27. Chairman, there was a worst case scenario in stress testing. Residential property prices were forecast to fall by 30% between 2008 to 2009, and commercial property prices were forecast to fall by 40%. That would result in a total impairment charge of €540 million. The actual impairment charge for UBIL was €1.7 billion. Can you explain why the actual impairment charge was so much higher than that forecast in the stress tests? Were there any more severe stress test scenarios considered by the bank or discussed at the board? Were the in-house economists involved and were the stress tests different for residential, commercial development, speculative land banks? The question is directed to both gentlemen, in whatever order.