Mr. Cormac McCarthy:

Well, as I've explained, Senator, I do regret that we did it, so I accept that we made a mistake. That said, the circumstances at the time were that this product was generally available in the market; it wasn't publicised. And what we were finding with our customers was that well, No. 1, from a competitive position, we were losing share of the first-time buyer market because others were doing 100% mortgages. The second thing was we had seen customers who were to try and get the deposit for a house, were extending themselves on personal loans and credit cards, which is not the right way for people to find deposits for houses, and those two combined with the fact that we already had a 100% product in existence for some time for professionals, so typically you know, people who had significant income, more income flows coming, you know, with their businesses, doctors whatever it may be. So we had experience of the product, so it was a combination of those factors led us to believe that it was the right thing to do. In hindsight, it was the wrong thing to do, but those were the motivators at the time.