Mr. Dermot McCarthy:

I think in the light of circumstances as they evolved, yes. But I think it's important to say that, as I understand it, the estimate or calculation of the cyclically adjusted balance, certainly in advance, in respect of the Irish economy, is not an easy task. And in the core documents provided, there's reference to the extent of the recalculation by the IMF over the period of the seven months as to what the actual cyclical balance had been, in retrospect, never mind in prospect.