Mr. Richie Boucher:

I think the valuations became a function of the concentration across the entire sector and the fact that the property market had crashed. So we had valuers who had given us a valuation of, you know, I remember looking at cases where they would have given us a valuation of a property 18 months previously at €75 million, and then they were valuing it for NAMA at €7.5 million or €10 million. So there was a huge concentration of property lending in the US, in the UK, in Ireland, and therefore that volume of property lending was a factor. I expressed an opinion at the time that NAMA would make money from the loans that Bank of Ireland transferred, and I said, "Good luck to them." And we did a deal, we knew what we were getting into, we gave our best estimate as possible to the shareholders of what implications it involved, and our best estimate, very early in the process, turned out to be accurate.