Mr. Robert Gallagher:

The assessment of investment property, first of all, and then I'll come on to ... I'll come on to residential development property. The assessment of investment property, two points: one, the bank had an entirely constrained ability to finance the development of office or investment space which had no tenant. So we ... that was captured by the speculative lending policy, the same 3%. So we ... the firm ... the bank was entirely constrained in that and did very little in any of it. To the extent that the bank funded investment property, the bank would look at things like the quality of the tenants, the mix of tenants, the location of the asset, the level of cash coverage generated by the rental income, the term of the lease, and would lend based on that and an assessment of the owner and an assessment of the valuation. And those assets on the investment portfolios tended to be large assets and tended to be in large conurbations, including London and Dublin. And those assets had a repayment capacity through the cash generation from the rental income. On development lending, Deputy, the location was critical; the nature of the number of homes that could be put on the asset; the assumption of a sales price; the cost to construct; a sensitivity that said, "Well, what happens if price drops?"; an assessment of how long the build is to take; a look at the track record of the developer - what has they ... what have they done in other sites? Have they finished on time? Have they had cost overruns? Have they sold? Who does selling for them? - a comprehensive assessment captured on paper over a detailed analysis; a second paper from the credit function of the organisation independent of the guy or individual sponsoring the proposition, either supporting or not; that going to a committee in Ulster, where it's challenged by a group of at least three people, one of whom has to be independent of the business ... or two have to be; then if it exceeds approximately €35 million, it goes to RBS for the same challenge and approval. So there is a first line, a second line, and a third line of defence. So the process was robust.