Mr. John Hurley:

Firstly, we didn't see the crisis coming so we believed what we were doing was sufficient. We didn't see the ... neither did most commentators, domestic or international, see the enormity of the crisis that was in hand, so we didn't see the interaction of the two risks, between what was happening globally and the domestic risks. Now we took the view that the risks we had outlined in the financial stability report and the framework that we had applied into the financial stability was a sufficient basis for financial regulation but-----