Mr. Brendan McDonagh:

Yes. But it would be ... you couldn't do it under the radar, Deputy. And I think, in fairness, to the people there was a very strong view amongst the Central Bank regulator was that if you're seen to be doing this exercise, then it's going to get out ...it's going to be think that you've got a big problem with your banking system. And, you know, there was view that you needed to ... whatever you needed to do, you needed to do under the radar. NAMA was over the radar because the Government had made the decision and had European Commission approval. But back in 2008 when this exercise could have been done, you probably would have had to start that work probably back in ... probably March-April 2008. And probably the trigger for it really should have been after the share price fall in March 2008 that there would be more questioning going on of saying, "Are the banks really telling us that their books are sound and the assets are worth what they're worth." And ... but that didn't happen.