Mr. Liam Kelleher:

None of us thought for one moment that the scale of the decline which occurred would ... would occur. We did see the absolute drop in confidence from ... on the purchasing side as bringing down - and we were pretty early to signal that in 2007 - that we felt that output in 2008 could drop as low as 45,000 units, I think, was the figure we were talking about at the time, at a time when official projections from all sources were still of the order of 65,000 units per annum. So we were the outrider ... outlier late in 2007 in saying "Confidence is gone and the thing is dropping". In 2006 the picture was still obviously different from our point of view.