Mr. Tom O'Connell:

Yes, I'd agree with the statement by Dan McLaughlin, yes, and it's true in most countries, including the countries you mentioned ... the banking crashes. We didn't specifically commission research on commercial property for a separate paper but, I think, if you look back at the stability reports, they would have dealt with commercial property, you know. For example ... I'm reminded the material sent to me pointed out that, say around 2003-'04, lending to the commercial property sector was rising at 40% to 45%, so there would have been commentary on that including vacancy rates, rental incomes and so on, embedded in the stability reports. Now, I think, later on then, there were special articles, if you like, in the stability report but that came late, I think.

Now, I think, later on then, there were special articles, if you like, in the stability reports but that came ... came late, I think.