Mr. Richie Boucher:

The thought process and why that strategy was implemented, Chairman? Yes, I think and these are strategies that went back to 2001, 2002, I obviously joined the bank, I implemented strategy, I ... subsequent to 2006 I was part of that strategy but there was a belief that we should diversify outside of Ireland, that ... I believe that you obviously have to fund yourself, we didn't have natural customer deposits, long-standing customer relationships, branch networks etc. and as a belief how we could do that it. So it is a belief that you could get your loans, you could bundle them and you could sell them on - I would not sell them on. You could use them as collateral, so you'd get a group of mortgages etc,. use them as collateral and you'd raise funding from the market for that. That was a model that was being done for ... and is still done. It was a belief, you know, so there was an investigation of the depth of those markets, what were other people doing, you know, what was the advice, the best advice. It was considered at that time an appropriate model to grow your business.

As it transpired, when the markets freeze or when, like I said, you had particular technical issues in certain markets and that, the money is not available. Core customer deposits, franchise deposits, where people provide you with money because it's part of their day-to-day banking activities, etc., is a much better model. So, if I go to the UK, so this was our mistake, I think it was our biggest mistake with the UK, what we have done since is we've incorporated in the UK, we gather our deposits, primarily, in our Northern Ireland business, it's self-funded so that the customer franchise in Northern Ireland funds the personal lending business and corporate lending in Northern Ireland. In Great Britain, so that's England and Wales really for us, we gather deposits through our partnership with the post office in a separately incorporated subsidiary and we grow assets within that. We didn't do that, we didn't have those core customer deposits, it was a massive mistake.