Mr. Brian Goggin:

I think the principle pieces I got wrong was in relation to an assumption, based on consensus forecasts that we were looking at a pretty sustained period of robust economic growth.

I got wrong the fact that there was insufficient attention, I suppose, given to the possibility of the massive property correction and the unprecedented collapse in global financial markets. It's easy to say that actually with the benefit of hindsight. I would emphasise that the decisions I made, the recommendations I made to the board were always recommendations of ... based on informed positions, always made in good faith. And sometimes commercial decisions are good and sometimes they're wrong, and I got those ones wrong, along with lots of other people in the world. That's of little comfort.