Mr. John Hurley:

What happened in terms of relationship with the Government was we produced our annual report and we produced financial stability reports. The annual report went directly to the Minister and the Government and he presented it. The financial stability reports were discussed by me with the Minister on many occasions. In addition we would have talked about the evolution of the economy, talked about the risks that were emerging and our assessment overall of the banking system given to the Minister, so let us be clear about it, we did not expect that the banks were going to implode, and the Minister was never told by me that the banks were going to implode. What the Government was told and the Minister was told that there were risks to the system, that property was a significant risk, that it would adjust, and in that adjustment there would be implications for the economy. The primary implication that was seen was the fiscal implication. It was seen that there would be a very very large gap to be filled, but it wasn't expected in the course of that period that this would destabilise the banking system.