Mr. Pat McArdle:

It wasn't ... it wasn't that comfortable a thing. So a soft landing was not what a lot of people seemed to think it was, everything would go smoothly ever after. And the final thing I'd say to you is: we stress tested for a 56% fall in real ... prices, which was more than even Morgan Kelly said. So, although I disagreed with him, we actually stress tested for it. The problem was not house prices. The warnings were in the wrong space.