Mr. Dargan Fitzgerald:

In simple terms, yes. We reviewed the various methodologies for setting loan impairment provisions. Just for clarity, some of those would be methodologies relating to the calculation of what is called individual provisions - where it's on a loan-by-loan basis - and then some of the methodologies, and I think this may be the thrust of your question, relate to the calculation of what's called collective provisions. And this is where, for a portfolio of loans as a whole, an additional provision is made for what's sometimes called the latent incurred losses in the portfolio - on the basis that these losses may not always be evident from examination of individual loan files.

So the methodology adopted by the society, in common with other banks, was to model the incidence of incurred but not reported losses as they're called and the subsequent derivation of the collective impairment provision. So we reviewed that and we reviewed, therefore, the methodology itself, the inputs, the outputs for sense check and carry out overall analytical review procedures. And in that way we satisfy ourselves that the methodology adopted and the results appear reasonable.