Mr. John McDonnell:

Chairman, the concentration of credit risk is as a consequence of the bank's business model. The bank's business model is the responsibility of the bank's management and directors. Our responsibility, as auditors, is to consider material misstatement in the financial statements ... the risks of material misstatement in financial statements and that's the boundary of what we do. So, the fact that the bank had a concentration credit risk, we would've been aware of that, we would've discussed concentration and credit risk, we would've discussed property prices with the bank over various stages but in the context of their impairments models. And we would have identified to the bank that it was very important to keep their impairment models up to date. We would've also discussed with the bank the difficulties of keeping those impairment models up to date when property prices are under stress. We would've also discussed the growing loan book ... and the growing loan book in the context of impairment models. But, Chairman, our focus of our work, as prescribed by the rules, was on the approach that the bank took to determine impairment in accordance with IAS 39.