Mr. Cormac McCarthy:

Chairman, at the time all of the indicators were positive. So, you know, in hindsight, as I've said, we've made mistakes, I acknowledge that. We definitely got it wrong, but at the time all of the economic indicators were positive. House formation was increasing, there was considered to be a deficit in house formation in Ireland. There was net migration, economic growth was strong, employment was full. The general sense of, you know, house production for the foreseeable future was strong, and we did stress test those as has been indicated. But, you know, we clearly got it wrong, Chairman.