Mr. John McCarthy:

I think Morgan Kelly's analysis ... well, I mean, there was a 50% fall in nominal house prices. I think he said between 40% and 60%, so he is correct. I think where his ... where his model was innovative was in the sense that we were looking at our own models - and I mention price earnings ratios, the affordability model - others were looking at the so-called residual-type approaches. So you look at actual house prices and then you look at house prices when they're modelled on the basis of the driving forces ... the fundamentals.