Mr. Gerry Fitzpatrick:

There were two tsunamis that came. One was the funding crisis - how or where banks were going to create this funding. So we certainly were focused on that, on understanding where the funding was coming from.

The tsunami you talked about on the other side of the balance sheet was the asset side, and I don't believe in relation to ... whilst there was a serious credit crisis arriving, the assumptions that when ... in recognising that, the assumptions would've said, well, that property values were going to fall by 60%, 70% in commercial property or ... in residential values ... were going to fall by 55%. As I said, at the end of 2009, they'd only fallen 8%. So that tsunami took a long time to come in relation to reflecting in asset values, which is where, perhaps, you feel my concern should've been.