Mr. Paul Stanley:

I do not believe the European Commission specifically advocates write-downs but, as the Senator is aware, the European Central Bank, ECB, is looking for a norm across Europe of non-performing loans being 5% of a bank's portfolio. That can be agreed through a number of avenues, such as working things out with customers and getting them off non-performing loans, asset sales or, potentially, write-downs. There is not only one option in that regard.