Mr. David Duffy:

It's judgmental, but my own opinion on it would be that the principle of cash flow-based lending is around affordability. You can't borrow unless you can afford to repay it and, therefore, I think the level of borrowing perhaps would not have been as extreme or as large and significant individual cases as the cash flow would have to be demonstrated. With collateral you tend to have value rather than cash flow so it's not provable that you can repay the loan; it's implied that you can pay the loan based on future values. Those future values are subject to, as we've seen, asset class corrections. So I think, judgmentally, I would say if you are lending on the basis of cash flow, that evidence is an ability to pay, you won't be absolutely able to avoid any crisis but you would certainly be able to be in a stronger position for repayment on your loans.