Mr. Tony Grimes:

I think it was clear that it echoed a lot of the concerns and the knowledge that we had about the liquidity situation of the system, as a whole, and individual banks in that period. I mean, we had been tracking very carefully - I suppose for more than one year - the liquidity developments, you know, which affected every single bank. The Central Bank effectively organises the provision of liquidity to the individual banks on behalf of the Eurosystem. So we were ... we could track very well the deterioration in the liquidity situation of each bank over those months. This was no surprise.

But what has been said in the Merrill Lynch document here, Mr. Grimes, is that it's not just a liquidity issue, but there are particular concerns with regard to the concentration of commercial property, so it's the type of loan exposure, the concentration risks. So it's not just liquidity, that there's a whole load of other stuff here as well with regard to the type of lending model that was actually in place.

So, was the exposure to the property market actually on your radar at that time along with the liquidity issue?