Mr. John Corrigan:

I have gone through what happened and when someone sets out to wilfully commit a fraudulent act of the nature that occurred here, it would have been very difficult to spot. As I stated, the fraud was not just perpetrated on the National Pensions Reserve Fund. It is not as though they picked us out because we were some sort of patsies. The fraud was perpetrated on a number of funds and we certainly are aware of two of the names involved. It certainly was masked from us. We examined the invoices and perhaps, with the benefit of hindsight, we should have done more. However, from an institution of the standing of State Street, one would have a high level of expectation that it would deal honestly with the matter and would have dealt with it in accordance with its contracts. When I say "collusion", for any fraud to take place, there clearly must be collusion and I have no doubt but there was collusion.