Ms Ann Nolan:

You'll see in the summary at the end ... what John Hurley and Jim Farrell were actually saying is:

The above scenarios are predicated on a number of capital assumptions outlined in Section 2 above and the caveats set out in the report. While the assumptions used by PwC are challenging, they must be seen in the context of considerable uncertainty about the prospects for the economy; and indeed an even more pessimistic economic outturn cannot be ruled out.

So, I don't think, you know, at that time anyone was suggesting that this was the bottom and the worst-case scenario.