Mr. Con Horan:

I think groupthink is a fair description of it; I think there was a view that, the predominant view was that interest rates were going to rise, therefore, the market would naturally calm itself down and as an organisation, no further intervention was required, and in fact it was concern that interventions such as regulatory interventions may in fact disrupt the market and may send out the wrong signals internationally. Personally, I didn't subscribe to that; I believed it was appropriate that we would intervene, and I think one of the important things I tried to achieve in 2006 was to establish the principle, very early in my term as prudential director, that intervening in the market didn't necessarily mean we were going to have horrendous problems. And I think that was one of the benefits of the intervention in early 2006.