Mr. John McDonnell:

This part of this document, and as I would have referred to Senator O'Keeffe, this was the document we issued in response to the impact, the first impact on the liquidity crisis as a result of the subprime in the US. We would have issued this to all of our banking, and, indeed, non-banking, clients. But this paragraph, this is the first page, on page 19, is around financial instruments accounted for fair value and loans and audit account for fair value and it is really around how one values holdings in securitisation vehicles, how one values credit derivatives, because the level of trade in the securitisation market had decreased quite substantially and, therefore, it was difficult. Markets were thin and it was difficult to determine whether a trade in the market was actually a fair price or whether there was no trades in an active market. And that is what this is focusing on. It is not focusing ... page 19 is not focusing on impairment of assets which are not carried at fair value, which are normal loans and advances.