Mr. Tom Parlon:

Well, in terms of the diversity of properties and businesses that had been eventually put together when ... and I don't think there was an appreciation, certainly not within the CIF, or not with me personally, but I think even amongst individual banks of the exposure that individuals had until NAMA pulled them all together and said, "Mr. X, Jesus, he has 15 different loans from 15 different banks and accumulatively they're into the billion." Right? So that was a surprise, I think, but I think Brendan McDonagh did also say that when he examined the original portfolio he had, starting with the top, with the sort of billion-plus, there were a number of individuals up there who had been investing and who had been operating at a global level, and when you got down to about the hundred-million mark, which there was a lot, he said a lot of them were both syndicates and groups of individuals and individuals whose primary skillset wasn't in either building or in property development. So all sorts of choose to get into syndicates that time and, clearly, there was too much money, there's no question about it, it was ... my colleague made the point earlier that CIF didn't have any role in terms of dealing with banks because banks were giving out money very freely to both builders and developers at the time without ... so it wasn't an issue. And interest rates for a lot of the time were okay. Towards the time ... the handover from Liam to me, I think we had about eight successive interest rate increases, which began to bring a bit of concern.