Mr. Eugene Sheehy:

Well, towards the back-end of the collapse it was simply the market freezing and that ... there was interest roll-up because there was cash flow problems generally in the second half of '08.

Prior to that, we ... our application went in in January '08 for Basel, which was accepted. The regulator didn't change the sector limits at the same time as they got the application and accepted it, that would actually change those limits, and you can see from subsequent correspondence that they intended to engage in a series of meetings to change those limits all the way up to 2010, but those discussions have never happened.