Mr. Liam Kelleher:

We did not have huge resources and, as I said earlier, 90% plus of the resources were devoted to the provision of services to members, which they were looking for, which they wanted, and which, you could say, they demanded. Now, the second half of it ... so we did not have a research capability of any depth. We had a single economist at the time. But you mentioned Mr. Alan Ahearne's research. It's ... you know, I've read the papers closely. I read them quickly probably at the time. They're very good. They stand up very well. I wish I had taken more ... paid more attention to it at the time. I'd say the same about Morgan's Kelly's articles. But the vast majority of prevailing opinion at the time was that it was ... that it could continue, that it was sustainable, that economic growth was strong. I'm recognising that ... and if there's a lesson I'd take out of all of this, if I had my time all over again, it is to listen more to contrarian views.