Mr. Brian Cowen:

Pricewater ... sorry, Pricewaterhouse were coming back to us after their initial look in late September and they were saying, yes, there was evidence of concentrations there. At the end of the day, the real situation only arrived for ... to be seen in all of its horror, if you like, when the NAMA exercise of going loan by loan through every book, through every transaction, and then coming upon with what the real situation was. And you'd have had to do that sort of granular case-by-case assessment to get, ultimately, what an accurate picture was. Now, if you'd done a granular case-by-case assessment based on valuations in October '08, it would be different to the ones that you had in March '09 or September '10, because the market valuation was deteriorating over time.