Ms Fidelma Clarke:

I was not surprised, no. I think, as Mr. Merriman said earlier today, it was becoming evident from the end of 2007 that things were changing, certainly not to the extent of what happened. But with the collapse of Lehman's and a pressure on, on funding and liquidity beginning to be felt, and I think 2007 was the first year where there was an actual negative growth in house prices for the first time, there were signals there that thing were beginning to change and, therefore, it was not a surprise that the society looked at what the future would be and again, with a new chief executive officer in Mr. Murphy, coming to the society from ... not only from externally, but also from another jurisdiction, it would have given him, and did I believe, clear and clean eyes to look at the business model and to determine that it did need to be changed, and changed quickly.