Mr. Aidan Walsh:

We did a very significant amount of work in Atlas 2 in drilling down into the top 50 loans by jurisdiction and the top 25 development loans - sorry, connections - which would have been into hundreds of loans and hundreds of properties, and we identified loans and connections that we regarded as higher risk, medium risk or lower risk. We had a lot of specific comments in relation to individual developers and collateral.

Just to your point in relation to the Financial Regulator's work in 2011, in my view, the world had changed fundamentally between 2008 and 2011. NAMA had been instituted, the properties were being transferred over so they were now being marked down at mark-to-market basis, the capital adequacy ratios had increased from 4% to 10%, unemployment had gone to 15%, mortgage books were starting to experience significant stress and default rates, and, by 2011, we were very close to the very bottom of the property cycle.