Mr. Brendan McDonagh:

There are two very specific reasons for that which are outlined in our 2013 annual report. One is that when we did the impairment exercise for 2010 to 2012, the board had a policy of looking two years out in terms of what the values of assets would sell for.

For the year ended 2013 the board decided to extend the exercise and to look three years out. That meant a technical adjustment and looking at today's values three years out rather than two years out. That contributed to an adjustment of €500 million. We also had over 500 smaller debtors, which were managed by the participating institutions. We assessed them on what is termed a collective assessment basis rather than by individual assessment. This was subject to some comment in the Comptroller and Auditor General section 226 report. We delved into the matter in more detail and we increased the impairment on that book. Those debtors have smaller and more regional assets and we increased the impairment by €300 million on that book.