Mr. Tony Grimes:

Well, it was, you know, obviously known. I mean the markets had been talking for, you know, nine months about the exposure to property, you know, of the major banks here. It, you know, had been subject to various reports in the market; indeed, it had been highlighted in financial stability reports for many years that there was, you know, a major exposure here, so it was no surprise. If you look at the movement of the share prices of the Irish banks over the previous six months or so, it was clear that market commentary tended to focus a lot on the banks' exposure to property. So this was saying no more than what, you know, everybody knew.