Mr. Dargan Fitzgerald:

Well, I'll just make some comments which I hope will be helpful. Firstly to say, I'm not aware of the specific motivation in standard setters for designing and promulgating IAS 39. However, as a general matter and from my knowledge - and not just in banks - there was an overall objective to make it less easy for companies, including banks, to, as you say, smooth results by incorporating what are sometimes called general provisions. So, I must say I agree with the thrust of your comment that that seems to have been a motivating factor. In terms of whether a different model would have had a ... would have brought about a different recognition pattern within the history of, perhaps the Irish banks, I mean that is speculation. One doesn't know the quantum of a difference that might have been made. I think it is probably very helpful to transparent financial reporting that the model has evolved and will be rolled out in an improved state-----