Mr. Alan Merriman:

I mean it was black and white, and black and white from two different contexts. Again, you will know well, but if I paint the broader scene, if we go back quite some time, if you wanted a mortgage in Ireland, building societies were the traditional place you would go to get a mortgage - the banks weren't interested. Times clearly changed. You had the Irish banks coming into the mortgage market and competing very aggressively and it became a core part of their business. And then, over and above that, you had the foreign banks came in ... encouraged to come into the market because at the time before their arrival there was a concern about oligopolies and cartels and pricing and competition. So the foreign banks came in and they were incredibly aggressive at two levels. You had certain banks like Danske Bank who targeted the refinance market, very low LTVs, but, effectively, practically no margin. And you had the likes of Ulster Bank who very aggressively went after the first-time buyer market. So EBS as a traditional building society, having in an environment where it was one of the few players in a normal mortgage market, now found itself in a market where both ends were being very aggressively competed for.