Mr. Michael Walsh:

First of all, you know, the answer to that is "Yes". In 2000, there was an equal split between commercial and residential. We had taken very clear decisions in terms of not pursuing certain markets - i.e. a residential market that was overly competitive and with a very low margin because that was going to destroy the capital base. The society maintained at all stages a very high level of capital. I think, you know, the core books include, you know, Project Harmony. At the end of 2006 the society's solvency ratio was nearly 14% - now that would have been probably twice anybody else's in town.