Mr. Gerry Fitzpatrick:

I believe that the valuation, which is a separate part of ... in relation to the assets reflected the ... in terms of the assessments they did reflected the valuations that were ... that there was ... I'm not ... I can't reconcile with those exact peaks and troughs but those ... that market available data was being reflected. Deputy, there was ... the question was ... the subsequent losses weren't necessarily in relation to those cases that were impaired at 31 December of any year because, in subsequent years, other things happen and other loans get impaired, so losses, there's a pro-cyclicality, as people say, which is as the market turns not only the items that you think are impaired are in one period, further items get impaired.

It's not all about the loss identified in one year, and then it goes down further. There's new losses that arrive in a subsequent year as businesses or properties ... or sorry, businesses or individuals default on ... in a future. But that future loss-----