Mr. Tom O'Connell:

Well, no, well back as early as 2001-2002, my view was that things were going crazy and we had a massive bubble in the system. So I mean, what sort of a ... if you look at ... go back to the stability report in 2007 you had the body of the report all indicators pointing in the wrong direction. And then you have an overall assessment of what's happening. I mean, the ... could ... if I mean I was asked to do an objective assessment, an objective overview on the basis of the indicators, I would be inclined to say, ''Yes, we are headed for big trouble''. But, a central bank being a central bank can't really say that, you know; it has to, sort of, pull its punches really.