Mr. John McCarthy:

Yes, yes there was. So if you looked at the situation in Japan, an advanced country ... it's outside Europe but an advanced economy nonetheless. In the period leading up to - I think it's about '91 or '92 - house prices had risen by 180%, ballpark - 100%, remember, is a doubling in house prices ... so, 180%. In the five years after the peak, price levels had fallen by just 15%. That to me would be consistent with a soft landing. Now, Japan subsequently got into a deflationary spiral and prices have subsequently kept going down but five years after the peak, price levels were just 15% below the peak. So there was evidence-----