Mr. Richard Burrows:

Well there were alarm bells of course and those alarm bells started to go off really in 2008.

In the process of strategy formulation, when I became governor in 2005, one of the things which we set about as a court with management was to review strategy very considerably, and that was done through 2005-06 by bringing in quite a number of external advisers to talk us through these issues. And it's certainly fair to say that some of these matters were brought to our attention. At the time, we were still working within the assumption that I mentioned in my opening statement as, I think, in common with most commentators, that whilst there could well be a slowdown, that we were not looking into the kind of catastrophic decline in values which subsequently emerged.