Dr. Peter Bacon:

No, and the reason I do not is that I do not think there would have been the hollowing out of the banks' balance sheet of those bad loans unless there was, as I put it in my remarks and in my report, the disinterested third party of NAMA, the performance of which rested on getting an accurate valuation of what the worth of the assets it was taking on would be. I think the result would have been fudge. It would have been administrative fudge compounded by political fudge.