Mr. Michael Fingleton:

Simply, Chairman, because we failed to reduce our commercial loan book sufficiently, despite having decided ahead of the market - well ahead of the market - to downsize the book in September 2008 in the expectation ... the realistic expectation ... on the basis that over ... around €5 billion of the loans were due to mature in 2008. We failed to achieve that prior to the crisis and we had too much of those loans on our book at the time the crisis happened and that's why we were, or that's why we lost that much money.