Ms Ann Nolan:

I mean, Anglo surprised on the downside every time you looked at it for the entire period I've been dealing with it, I think I could say, and that's just looking at the losses. I think there were two aspects where they were wrong in ... not necessarily that they should have been right but, in retrospect. The first one was the issue we've dealt with earlier, the question of whether there was any equity at all in the loans and I think, if you were to ask me, Bank of Ireland did have equity, AIB had some and Anglo, as far as I could see, just topped up all the loans to 100%, or were lending to the borrowers in a different hat ... with a different hat on, so the loans effectively had almost no equity.

The second aspect, I think, where there's the biggest difference between the original PwC work and what actually happened is the assumption that the bank had a model that would continue to generate income. And the other banks, and the living banks, and the reason they're still living banks, had other business where they were generating income, whereas Anglo, this was all they did. Their model was broken and, therefore, there was no income to compensate, or to make up extra ... and no prospect of income to make up extra capital.

But looking back now, how would you characterise that report which, you know, essentially formed the basis of------