Mr. Michael O'Flynn:

Look ... the valuation is not an exact science, it is never meant to be. I think the valuations turned out to be so wrong, one would have to question how valuable they were. But I would also have to say that you have to have a valuation process in an industry like ours. I think the valuers, like ourselves, have learnt a lot from the crisis, I think, going forward. Values tend to be above the market when the market's going up and below the market when the market's going down. I think you won't see too many strong valuations from the experiences they, and all of us, have had in recent times. But to answer your question overall, I think valuations were too strong.