Mr. David Doyle:

They were out by €50 billion because of the events that flowed after that. The commercial property market continued to slide. That was the big impact on the banks, not the housing market, strangely enough, although that was a big impact. But the big issue was the development loan portfolio. The quantification of that ... was extremely slow coming, it didn't really ... it didn't come until NAMA became operational and they started to get the loan portfolios over and they saw precisely what was behind them or, more relevant, what wasn't behind them in many cases, and what the reality of the valuation ... the valuation of the property on the ground was. If they had had ... sight that all that was going to happen, combined with the international recession that was going on, combined with the collapse in domestic confidence, and investor confidence generally, they would have come up with a bigger figure, but they didn't.