Mr. Dargan Fitzgerald:

Well, I think, again, I'd have to play it back. I think you'd have to refer to the specific accounting policy which is absolutely in compliance with the standard for valuing the loans in the books of the society and because of the different types of loans, it can be a little bit more complicated than the outline description. There are two stages to assessing the value for reporting in the financial statements. One is whether there is objective evidence of impairment, that is, typically, if there is evidence of, in simple terms, stress and strain in the borrower's repayment of the loans. That absolutely depends on whether the borrower is up to date in those payments or not in similar analysis. And then, as a second stage, if there is objective evidence of impairment, the institution - the bank or building society - will typically carry out a discounted cash-flow analysis. That fulfils the requirements of the standard. The discounted cash-flow analysis will produce a value, which will be the value that would be booked if, but only if, there is the first factor present ... the objective evidence of impairment. And in that way, and using the principle of incurred losses, which simply means that only losses which have actually occurred up to the balance sheet date, are to be recognised, then the resulting provision and write-down that you referred to is incorporated in the financial statements.