Mr. Fergus Murphy:

I think it's possible for both to happen, you know. I think in a marketplace or in a bank, for example, if you're lending to property developers, if you've got a commercial property unit, first of all, it needs to be staffed with really good people who understand property very, very well and have a long tradition and experience in property. Lending to a property development company, I'd rather call it than a property developer, because I think in most societies and economies you're lending to a company ... we had a property-developer culture rather than a property-development company culture, maybe, but if you're lending to a property development company, it's a very different kind of lend to the more granular lending to a borrower who's buying a house and their mortgage might be €200,000, €300,000, €400,000. And so, I think, in a bank, these activities would be very segregated. There would be no real connection between the two, and I think you actually can do both responsibly.