Mr. Tom O'Connell:

It would be the ... it would be in the context of the part of the board agenda where I would have been present, and that would have entailed giving indicators of ... in relation to economic ... current economic activity and prospective economic activity. So I ... that comment would probably have derived from a presentation about bank lending ... bank lending to the property sector and property prices.

So, you know, there would have been discussion around the board table then and people talking to and fro and this chap-----