Kieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source

On IAS 39, can you just confirm ... clarify to me that the valuation basis for looking at impaired loans. Am I correct in saying that the way you valued the loans was based on looking at any loss would be a measure between the difference between what the asset was being carried at on the balance sheet of the bank and the net present value of the cash flow from the loans? So, I suppose the question I am asking is, you had a situation where you had property prices falling in 2007 and 2008.

They fell nearly 13% between those two years. You would have been signing off the '08 accounts in February '09. Surely the fact that there was a drying up of liquidity and the market was falling, surely then-----