Mr. Gerry Fitzpatrick:

Yes, I mean, our process of understanding the underwriting involves looking at how security is taken and looking at how ... when a loan becomes impaired, how you assess the potential valuation of that collateral. So we look and see what the bank is doing in terms of trying to determine that. Clearly, what you're looking for in that situation is that they have undertaken or have had a valuation undertaken on the collateral.

If that valuation is in place, you are trying to understand who undertook that valuation, were they informed ... was any scope restrictions on their works, because sometimes valuers say, you know, it was based on the desktop versus inspection, etc. So yes, understanding that valuation process is important. At times and certainly as I referred to in the opening statement, at the end of 2008 it was very difficult to get valuations, and so in any control process what you are trying to say is that if the process isn't working because there isn't data available, how is the organisation responding to that? And as referred to in the audit summary memo that we gave to the audit committee, we were concerned that valuations weren't up to date. The bank was explaining that valuers weren't in some cases willing to give those valuations. We did report that they had been very materially reduced in line with indices, so that is the next piece you go to, so you say, is there any external data which tells... or internal data so the bank was certainly talking to panels, or values, or to say what was the valuation adjustment.