Mr. Dermot Gleeson:

Yes. In so far as it suggests that there was a decision to move into property, I don't think that was a decision, it was just the way things developed. As to risk management, it clearly failed us and wasn't adequate. There can be no doubt about that; the proof of the pudding is in the history. It was not adequate. And I think it comes back to two things again: too much faith in the mathematical models and believing the soft landing consensus.