Mr. Brian Cowen:

Well, from May 2008 we came in, the new Administration started on 8 May. I think in June or July, within six weeks I'd say, Brian Lenihan had a memo to Government setting out reductions in expenditure and outlining what he'd be requiring for 2009, which would be further reductions. And then implementing those and then moving towards bilateral discussions on the budget in the autumn and bringing forward the budget in an effort to try and create a build ... to see it as a confidence-building measure against the sentiment that was coming up against the country at the time. So there was no analysis ... to answer your question, there was no analysis of a bubble, because clearly the August to August, year-on-year situation showed a reduction in residential homes of, nationally, of about 3.5%, and that was going to continue but, obviously, continue far more precipitously than was originally envisaged.