Mr. Con Horan:

I absolutely was. But let me just put some perspective on that, you know. The directors of the individual banks where primary responsibility lay, were even closer to those institutions. The risk managers in those institutions with you know large staffs, etc., the internal audit functions, they didn't see those problems coming ... or certainly they didn't come to us to identify that there were problems. So those who are actually ... yes, we had a perspective and we saw what was going on across the board, but that perspective is always going to rely, to some extent, on the institutions and the control systems that they have. It's always going to rely, to some extent, on the audits and what's being produced from there. And I can only go on those facts as presented to me and the facts at that stage, together with the macroeconomic analysis, was that it wasn't as significant as it clearly turned out to be.