Mr. Matt Moran:

And this was based on a set of assumptions at that time which looked at ... if you look, the extreme stress case has a loss level of close to €4 billion - €3.7 billion - which was, I think, 100 times the specific charge in '06 or '05. So it was, you know, a massive multiple and, at the time, whilst people felt, I believe, that the economy was worsening and the situation was worsening, people did not anticipate the scale of what happened. When, in 2009, the new board undertook a detailed ... or instructed the undertaking of a detailed bottom-up exercise with some external help, there were two very clear issues. Firstly, the last quarter of 2008 had worsened dramatically and then, in the first quarter 2009, it got further worse.