Mr. John Hurley:

In the discussions with the Minister, we did continuously advise in terms of tighter fiscal policy. We did feel that the policies were perhaps pro-cyclical at the time and we did urge caution in relation to fiscal policy. I think that's clear from the correspondence and the letters to the Minister, and we thought that that was sufficiently strong at the time. It's true that in relation to the different budgets and public expenditure volumes that were released that the fiscal situation was weaker than we would've liked, but it was a time of extraordinary growth and there was a great deal of demand publicly for services.