Mr. Kevin Cardiff:

I think we unwittingly misled people in relation to NAMA. The 30% discount. It's not that ... you know, in a sense that was ... that was a problem. We might have been much better to say nothing about what the discount was going to be and just do the work because we ended up disappointing both the public and the market and it would have been, you know, in terms of a single thing, we were trying to create a credibility as to our actions, as well as, you know, as well as the impacts of the NAMA process itself, which were positive. We were trying to add to our credibility and our status in the market so as to be able to continue borrowing from it and, actually, the continuing ... continued worsening of the NAMA discounts over that year were actually sucking the credibility away from us rather than enhancing it. I got the opportunity a while ago to speak for about three minutes to a finance minister who was considering a bad bank and he said "what would you do different?" I said "Don't, for goodness sake, predict the loan values until you know what they are going to be."