Mr. John Hurley:

Well, in hindsight, that is the position. We had financial stability ... instability, and that has occurred because, as I said, of the interaction of two ... and two forces - the enormous international force, which wasn't seen by the Central Bank; indeed, it wasn't seen by many domestic or international commentators, but this reacted with a domestic vulnerability. And the domestic vulnerability of course, as we now know, includes a very significant depletion of risk management practices in individual banks. That was not known at the time.