Mr. Alan Gray:

I think there was a combination of factors. I think undue comfort was taken from the fact that the previous decline in Irish property prices, which happened a number of previous ... a number of years previous, had not caused any difficulties for the banking sector. I think the second reason was they felt from their detailed international research, which they presented in terms of the draft stability reports, that the probability was that if there was a property crash, it would be a property crash that would decline over time rather than the scale of immediate crash that happened following the Lehman Brothers. And also Senator, I think because they believed that the magnitude of that property price decline would be less than actually transpired.