Mr. Brendan McDonagh:

The foreign assets in the Clairvue loan sale were eastern European assets. They were not assets in London, New York or some of the better places which had recovered. If one thinks back to mid-August 2011 up until the end of 2011, the eurozone was in deep crisis. There was talk at the time about the euro imploding. Financial markets everywhere were dislocated and in distress. That is why we did not believe there was any increase in value in those eastern European assets.