Mr. Stephen Bell:

There is an element of that. I would also say that there has been a two-year period where one could not take the normal action one would take in any other market - I have worked in a number of other jurisdictions. There has also been the inability to contact one's own customers to talk to them openly about alternative solutions, with a recognition that while it is in nobody's interest to take repossession action, it is a legitimate threat. All this has let this bubble move further down the pipe than we all might have liked. Therefore, I am not saying that it is entirely down to the Central Bank, not at all. It was a factor but the main factor was a two-year period in which we were able to do very little to approach our customers and help to resolve the situation with them.