Mr. John McDonnell:

Chairman, I'd actually say the opposite. Once IAS 39 was adopted by EU law, it became part of the financial framework which had to be applied. If you have material lending transactions, you must apply the incurred loss approach, and I would believe if you did not apply the incurred loss approach, you could not say the financial statements gave a true and fair view. If you did comply the incurred loss approach, then you could give such a view. And the true and fair view, as it applies to accounting standards, where, as I said earlier on ... where an accounting standard specifically deals with a matter and deals with it in the level of detail which IAS 39 dealt with it and deals with its eyes open, knowing that it's going ... with a view that it should be pro-cyclical, then they're the rules as set down. When those rules are in law, you must apply those rules to give a true and fair view. If you don't apply them, you cannot say the accounts give a true and fair view.