Mr. Seamus McCarthy:

No, it was always contended that the conclusion that the choice to sell in a portfolio, as opposed to working out the loans, was problematic. We were using the figure of 5.5%, effectively reperforming the analysis, and coming up with a figure of £190 million. At one point the board provided us with evidence as to why it might be necessary to recognise further impairments which would have brought down the figure of £190 million. At that point we were debating what the precise figure was. The question of whether the discount rate should be 5.5% or 10% for the purposes of evaluating the work-out only emerged in the board's response in June.