and if we look at the oliver wyman report, they were suggesting losses on land of around 72%. that's one critical issue. the other thing is, 90% of the mortgages here are variable rate. and actually, although the sums are very small, 95% of those that are currently being originated are still variable rate. so, we move forward three or four years, perhaps we see some kind of recovery in the eurozone, rates start to rise, and we could have a second issue here in the spanish mortgage market. so, it's difficult to see the bright side right now. for now, though, guys, it's back to you. >> julia, quickly, are those variable rates pegged to what the ecb lending rates are, or are they the cost of money to spanish banks, which presuyare ? >> reporter: you're right, that's what i've been told by the mortgage brokers, but i can double check that, but it does look like that. the prices i've been looking at are significantly higher else where where in europe. >> julia, thanks very much for that. your ibor has been sinking, but again, the question is whether people could take advantage of t