Mr. Derek Quinlan:

Well, if I could endeavour to answer to the best of my ability, when the banks - in this period that we're talking about up to 2008 - advanced a loan, generally, as I say, they had two criterion: one was a loan-to-value test. So the bank would have had independent ... would have had, generally, an independent view of the property that was being acquired. They got somebody independently to value it. And they put in what they would call a loan-to-value test. Not in every loan agreement but in most of them. And, let us say, it was 70% ... just call it a 70% loan-to-value. If the value of the property fell, the bank would have been on to say, "You need to put some more money in here because the loan-to-value test has been broken."