Mr. Gerry Fitzpatrick:

Well, there was going to be a major deceleration in business activity, first of all, I suppose and that was well known. I guess the question was what degree of loss is going to arise. We didn't know at the time but the CSO index, as I referenced earlier, at the end of 2008 was 113 so the suggestion that the losses emerged very very quickly in property value, I don't think is that clear. The index was set in 2005; it was 130 by the end of 2007; it was 113 by 2008; it was still only 92 by the end of 2009 so the prediction of future loss was ... that data wasn't there. We know that from the valuation data that we had.