Mr. John Hurley:

In 2007, all of the aggregates were reducing. We had already started an easing of property prices and an easing of credit growth. So, you know, what's a central bank to do in that situation, particularly, where it has an interest in a gradual landing or a soft landing, and it would like over-valuation to dissipate in and orderly way? What it doesn't do - and I think somebody else has said it before this committee - is it doesn't frighten the horses. What it does is it tries to be balanced and prudent in its assessment and tries not to bring about the risks that it's trying to avoid.