Mr. Peter Fitzgerald:

Yes. Back then, the chosen business model operated by the bank was one that was deemed a success, was lauded as a success in terms of its ... the value that it created in terms of its rising share price. The rating agencies, the market commentators, media commentators all put Anglo Irish Bank forward - and it's a point I've raised in my opening statement as well - as the business model for comparison and best practice against its peers and its competitors.

So it was very focused in three core markets. It had a sectoral approach, which in hindsight now was very, very monoline. It met its funding targets to achieve that lending year-on-year and when the crisis hit, that commentary changed and-----