Mr. John Hurley:

No. In hindsight, clearly we should have been stronger at that particular moment in time, but we didn't see that the lending path would really reverse. As far as we were concerned, it was coming down. It looked, from all the indicators going into 2006, that that was so, but it reversed in 2006. Then what we did, Deputy, was our financial stability report of 2006 is extraordinarily strong. Also, in that particular report for the first time we talked about the fundamentals no longer supporting the property price. Now, for a central bank that was a very strong statement in 2006, at that particular moment in time. But the reason it was done is because of the reversal that had taken place, which was completely not expected.