Mr. John Hurley:

Because it isn't universally true. It's certainly true in certain situations, but the broad evidence, looking across the whole gamut of research, does not necessarily lead to that conclusion. The conclusion come to ... that came to in the Central Bank reports was the conclusion we came to, that, overall, the stability of the system was sound at ... on those particular occasions. Over the period of time, of course, that changed and the risk changed, and so did our assessment change as we went, for example, on to 2006. But up to then, we had a clear view, which we set out., set out in the reports, and there were many, many commentators and many economists that would have taken the same view.