Mr. Mike Aynsley:

It was substantial across essentially every portfolio. And, you know, the old Anglo Irish Bank conducted its activities in, you know, a way that I hadn't seen previously. I'll give you a couple of examples. Boom markets - a client being banked by Anglo for a long period of time has value in the assets that are being financed that's increasing because the markets are going up. The bank at some point goes along and says, "You've now got all of this extra value in your assets. How about we lend you some more money so you can go off and buy something else?" So, they lend another €100 million with the agreement that what they'll do when he spends money is go back and pick up the security on those particular properties. And then, for whatever reason, it is not done. So, enter the new management team. We start get in loan by loan into these assets and we find that they haven't perfected security and it's really not just one or two transactions, it's endemic, and we need to go through it in a detailed fashion across every aspect of the loan portfolio - every category.

And, you know, I know the numbers that, you know, you saw coming out of Anglo were massive. The losses were massive and they seemed to never stop. And part of this was just the sheer work involved in getting through the portfolio at a detailed level. That wasn't something you could just do overnight and say, "Okay, we're done with it now." It took months and months and extended resources of internal and external specialists to come in and do this work.