Mr. Brendan McDonagh:

No. There is a technical accounting issue around this. Accounting rules and international financial reporting standards mean we could not have impaired at a higher discount rate. Did we believe that, by discounting cash flows by 5.5% into the future, we would get £1.49 billion eventually? The board did not believe that. Under the accounting rules, we could not have written down the portfolio at the end of 2013 more than we did.

Did we believe we would take losses in the future? Yes, we did. If we had not, we would never have set the minimum price of €1.3 billion.