Mr. Paul Smith:

Thank you for your question. Undoubtedly, these cycles of boom and bust come all the time and in many, many jurisdictions, but I have to say, as a matter of fact, we, notwithstanding our large international network, did not feel any different from, I would say, almost the unanimous view of the commentators in Ireland on the economic situation in Ireland that the two events which occurred, the liquidity crisis and the crash in property values, we did not anticipate that.