Mr. John Hurley:

But it has ... well, there are a couple of issues there. The first issue is this was a falling market and values were going to be determined very much in the context of the falling market, so it wouldn't have been known at a particular moment in time how far property prices were going to go, but the other element to your question is very relevant. It's really got to do with the risk assessment within individual institutions and why that went so badly wrong over the period of time, and what that means is that, irrespective of the international crisis, there would have been a higher capital requirement because of the risk management practices in some banks.