Mr. Simon Carswell:

-----you have to look at the credit growth in the banks and when that was at its peak. There are a number of periods when that happened. There were two big bursts in lending from 1997 to 2001 and then again from 2002 to 2007 when the rate of credit growth and the amount of lending going on was over 20% in that period. Within that there were two significant bursts. It was more than 30% for six months in 2004 and nearly 30% again in 2006. The warning bells should have gone off in the early 2000s. At that point they should have stepped in and said it was excessive.