Mr. Brendan McDonagh:

It's not obvious to me, and the reason why is that when you look at probably the €800 million of unencumbered assets which were given to us as additional security, and we looked at the asset transfers where people had to give us statements of affairs and things like that, it wasn't obvious that ... and I'm sure there was some who certainly did move to put assets beyond reach, but I think the majority thought that it was an interregnum, that this was a period of slowdown and that the economy would begin to improve again around that period. I mean, if it was feasible in April 2009 to say we're just taking €70 billion of loans out of the banking system, dropping them on Treasury Buildings and just deal with it like that - but that clearly, with 12,000 loans, 5,000 borrowing entities, 60,000 individual properties, that was never feasible.