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

No, no I'm asking you ... surely with the valuation basis under IAS 39, that you look at the difference, you're looking at the future cash flows from loans. So it's not strictly correct to say you do not book losses until they're realised. The valuation method under IAS 39 is based on future cash flows that come in from the loans and to evaluate those, and I'm saying against the market of where you had valuations falling significantly and you'd a drying up in liquidity surely on that basis, for 2008, you should have provided more than €304 million of a provision, which was roughly just over 1%, 1.3% of the loan book in terms of loans.