Mr. Simon Carswell:

I do not know if I would agree with the use of the phrase "blame game". I think there was a sense that some institutions felt they were not as weak as another institution or that such an institution was much weaker than they were. Again, the concern during that week was with the blanket guarantee, that it was not differentiating between the weakest and the strongest. We now know that most of the institutions - given what they had on their loan books but which had not come through at that stage - were in dire straits, certainly from a liquidity point of view but some banks had solvency issues. The market had not fallen to the extent that it did later which exposed those solvency issues.