Mr. John Hurley:

Yes, there was an expectation that figures would be much lower, but the reality is this. First of all, I think the ... I have no criticism to make of the people involved in NAMA. They are very good people and they were doing the best that they could, and they had to make decisions in the context of the market and decisions in the context of the advices coming from Europe. But the question you asked me is was I surprised and the answer is, very surprised at the level of the price reductions involved, and of course what it did mean was very significantly increased levels of capital that would have to be put in. And, of course, that was really taking money from one pocket and putting it into another pocket, but essentially what it did was it gave the markets a view of the recapitalisation costs added to the national debt which had significant problems for Ireland subsequently. But I say that because it is the question you asked me, but I have no criticism to make of the people involved.