Mr. Jeremy Masding:

It is slightly more subtle than that. With all due respect, this is how the maths is done. We start with the gross amount of loans, which is the number the Deputy stated. We have obviously then got provisions already against those loans which I do not think we disclose publicly. We then get to the net book value of the asset pool. It is actually right to compare the net book value of the asset pool versus the cash consideration. That is the haircut.