Mr. Con Horan:

My reading of that letter was that we had just introduced, in July 2007, new liquidity requirements for the banks. So there was a whole set of liquidity requirements came into effect, I think it was 1 July 2007. When I read this, my view was that this was teething issues with the reporting system around that at the time. It was a new set of regulations and this was ... problems with the reporting to the regulator at that time.