Mr. David Gantly:

Well, I think, the decision surrounding the introducing of trackers in terms of Irish Life and Permanent ...

I suppose it was ... as has been shown before, it is a very competitive marketplace, other people are there so it's ... I think there was a reaction to some extent to competitive pressures. It was also, I suppose, the ... a very stated objective of the group to be the No. 1 provider of retail financial services so I think there was an element of cross-sale seen in this, to be fair, as well. I did say that in that ... in a normal conditions that you had this roughly five basis points basis risk and if ... so, if you're writing a track with 100 basis points you're saying, "Well, actually it's 95 but we can live with that." And, the pricing would have reflected that.

If you looked at it in absolute terms, and in a crisis scenario where spreads, you know, just got blown out, I think, beyond where anybody thought they were going-----