Mr. Liam Kelleher:

We were too optimistic at the time. That programme turned out to be pretty accurate. The style of the programme at the time I thought was unduly alarmist, it was done in a somewhat tabloid style. That would have been my own personal question mark in relation to it. The ... those who organised the programme were obviously entitled to do that. Optimism declined rapidly through 2007. From late 2006, in some ways the peak had passed. And we were saying in late 2007 that it had temporarily abandoned, as we felt, the industry entirely. So very rapidly, confidence disappeared and demand for housing declined.