Mr. John Hurley:

I mean, these were the key elements to the assessment by the Central Bank at the time and in fact, as interest rates increased and went through 2006 and into 2007, yes, as I said in my opening statement, credit started to ease, growth in house prices started to ease but with a lag. The increases were much later than had been expected. So the assessment set out by the Central Bank at that time was that this would ease over time but it took longer than expected and it was really the additional credit and growth in credit that took place in that intervening period which has done the bulk of the damage.