Mr. David McWilliams:

Because they did not realise the extent. They believed a partial guarantee could work. Hours after the partial guarantee had been introduced on the Monday, it was very clear it had not worked. This is the whole point. It had not worked and, therefore, they had to realise that. Their hope was things were not as bad as they seemed and this is consistent with an entire orchestra of underestimating the problem. The partial guarantee was introduced. Had it worked, it would have been fantastic, but it did not. Then you are into a totally different reality.