Mr. Donal Rooney:

No, NAMA's impairment process at the time involved a detailed asset-by-asset, bottom-up review of cashflows for 2014, 2015 and 2016. It was a very specific review across all the portfolios. Deliberately, at the time, cashflows were not reviewed in detail for the period beyond 2016. This was done very deliberately, the reason being, if members cast their minds back to 2013, that because we were in a distressed property market, we could not look more than three years out. Nobody could do that. We did not have a crystal ball and so we took a three-year time horizon, applied a very detailed and rigorous review to those particular cashflows, which afterwards were, in essence, left as they were. In other words, they were not adjusted. The €85 million adjustment was used for loan valuation purposes, which is a different concept completely from impairment financial reporting purposes, in the context of trying to get into the 2017-2018 numbers in a different way over and above impairment.