Mr. Cormac McCarthy:

I don't think we gave enough account of the ... we took enough account of the potential for extreme events to happen. We accepted the conventional wisdom that a soft landing was the logical outcome. The view was that Ireland, having come into the euro environment, had a very stable currency now that it hadn't had before. There was an infrastructural and economic deficit in Ireland that was being rebuilt, and low interest rates prevailed. So, that, for want of a better phrase, groupthink, or consensual view, prevailed throughout the period, and any of the stress testing that was done did not take enough account of potential for, let's call it catastrophic events, to occur. That was the mistake was that we didn't challenge ourselves enough as to what the potential outcomes would be if there was a significant, major shock to the system.