Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

Okay. In relation to going concern, it was stated in the opening statement there that, in assessing whether the going concern assumption is appropriate, that you take into account all available information about the future, which is at least, but not limited to, 12 months in advance. Can I ask you, Mr. Fitzpatrick, because you've mentioned a number of times the CSO residential property index and you say that, by 2009, it was 8% below; now, that's 8% below 2005 figures. Can I ask you, just bearing in mind these figures and bearing in mind we've had evidence from the economists from within the banks, including Ulster Bank, which believes that commercial property was the major factor in terms of the losses to the banks - and you may have an opinion on that or not - but Jones Lang LaSalle property index shows that by the end of December 2008, property values had dropped by 36.4%. Indeed, by the end of March 2009, just a number of days after you submitted your audit report for that year, it had dropped 40.5%. Commercial ... or residential property had dropped, peak to trough in that period, from 128% at the start of 2008 to ... to, the time you submitted your report, 108%-----