Mr. Michael Torpey:

Chairman, it ... the requirements are entirely specific, and a true and fair view of the accounts represents, under the accounting rules, as I understand it, a snapshot of the position as it now stands. And the requirements, as I say, they are in the process of changing these rules because of the deficiencies that have been identified, but the rules as they applied were very clear, that only on an incurred loss basis could you make provisions, and that is a weakness. I think we all now recognise that weakness, but it is ... they were hard rules, not discretionary rules.