Mr. William Beausang:

But what we did then in September 2008 was commission work in an attempt to determine what the risk to the public purse might be, albeit at a very late stage, in bringing in Merrill Lynch and bringing in PwC to undertake some kind of a review of asset quality in the institutions because I'm sure it was clear at that stage that market confidence in particular institutions was ... the market sentiment in relation to particular institutions was very negative, reflecting a concern around asset quality. Now, as borne out, the results of what were very top-down-type exercises - stress tests carried out at the time - there was no indication that there were major capital losses in the offing. And that was confirmed I suppose by the PwC work done in the autumn, notwithstanding that they were applying loan-loss rates that were higher than analysts were saying at the time, which is I suppose isn't surprising given that you have to factor into account the subsequent declines in prices that happened post-September 2008, which obviously impacted very significantly on the value of assets in the institutions, in the covered institutions.