Mr. Paul Dobey:

We did carry out reviews of valuations. When we looked at each individual loan in our sample, we looked at what the security was, what the circumstances of the borrower was and we looked at the collateral value as well. In most instances, certainly for the large cases, AIB sought valuations. However, as we moved into late 2008 and early 2009, valuations were not very reliable so we were applying haircuts, as were AIB, of between 20% to 30% in the latter part of 2009 ... sorry, the latter part of 2008. And when we got to 2009, our view was that the haircuts that needed to be applied were 40%, particularly for land, and maybe 30% for property.