Mr. Frank Daly:

That was clear and I think it was related to a view in the banks that these ... I don't think, by the way, I'm not ascribing any bad faith to the banks or anything here. I'm just saying they fell into this sort of comfort zone of saying, "Ah, that's lender ... that's my client, they've a great track record, they have ... they're producing projects for lending. That seems very, very good. Sure, the country is on the up, everything is going grand, there's going to be a demand for all of this". And I think a lot of that was based on a relationship or a view of the standing of the debtor, which really should have been much more objective and should have ... there should have been much more rigorous analysis and independent analysis of proposals that debtors were putting forward.