Ms Anne Marie McKiernan:

We can keep coming back to the point but it was not a prediction. It was a worse case of several stress based scenario outcomes which was not materialised because of all of the actions that were undertaken since. It is important to note that, if one likes, it was based on a particular loss potentially arising in the gross lending of the sector and that it might grow and eventually incur losses. However, gross loans, as the Deputy is aware, contracted dramatically in the following period by up to 30%. That reflects a number of other environmental factors, including the fall off in member demand in the particular environment that existed and the high level of indebtedness across the sector. That was unanticipated but turned out in hindsight to be a fortunate way in which the opportunities for making losses on lending can be realised. Of course, lending restrictions were imposed in such a way as to constrain the potential for high losses. We cannot know the counter-factual because so many issues were undertaken.