Mr. David Went:

All I can say is that for, as far as Permanent TSB was concerned, we stuck to what we had always done, which was providing house loans for people. That is what we had done in all of our previous manifestations for over 100 years. That was our primary business. We did not get involved ... you know, no matter how sexy or how exciting the spectre of development lending, you know, lending for raw land, anything like that, we did not do that. We stuck to what we knew and we stuck to what we knew and we stuck to it in a way in which we felt that ... you know, the average loan-to-value ratio of our entire mortgage portfolio was 71%, so that meant there was 29% of equity in the portfolio. That’s a very substantial amount of equity to start with.