Mr. John Moran:

We did not discuss them with the Government. Throughout that entire period, no approach was made to us by anybody from the Government as to what were our views on the market. Again, with the benefit of hindsight, we found that to be slightly unusual. We expressed our concerns on risks with our client base, because we have our duty of care to that base. In or about March 2007, my research team stated publicly that we were cautious about the market and that the market required a significant amount of caution at the time. That is when we started to make statements publicly about it.