Mr. Tom O'Connell:

Well .. I was sent actually 400 pages, you know, the two volumes to look at there. When I went over it, commercial property lending and the area was covered in the stability report. In fact, I can recollect the material that was sent to me. Lending to the commercial property sector was, back in 2002-3-4, rising at 40% to 45%, you know, which is very, very high. But I would agree with you that it didn't receive maybe the degree of prominence that it should have got because if you look at the banking crashes in most countries - Japan, Sweden, Finland and so on - it's commercial property that brings people down. Now to some extent, my view also is that the residential mortgage area was politically more important and, therefore, it should be looked at more carefully.

I mean, politicians, like you folks, were very concerned about that, and that was also reflected in the great emphasis on the consumer function in the regulator.