Mr. John McDonnell:

The bank would have had a strategy to lend in certain sectors and as a result of that strategy, they would've built up exposure in certain centres, certain sectors, and as we moved into the credit crisis, the property values collapsed and as a result of property values collapsing, they would've experienced impairment, which is consistent with what we would've seen in the ... elsewhere in the marketplace and consistent with what we would've seen across the globe. The actual impact of the credit crisis is that stock markets, property markets, all sort of other markets collapse in the prices. And people did not expect such an unprecedented collapse.