Mr. Gerry Fitzpatrick:

I certainly ... was challenging the organisation to understand what data they had. I think a whole roll call of organisations, from the IMF through to the EU through to economists and various others that the committee has been talking to, have seen that was a very difficult thing to do. Certainly there was stresses in the system and, I think, organisations were showing that, so deterioration in loan quality in the Ulster Bank 2008 accounts showed that there were some stresses in the situation. But predicting that those stresses could be ... could anticipate asset value falls that we saw subsequently, so by 2011 or 2012, where an index, which was at 92 in 2008 fell to 67, I don't believe was contemplated. And, in any event, that would have been a future loss and the reader understood that because that was quite clearly explained in the accounting policy ... that it was a future loss model ... or an incurred loss model, should I say.