Mr. Tom O'Connell:

Yes. I mean, that sequence of events was certainly going to happen, but, I mean, I've been saying for years to people in the bank, that we had to rein in the banks. You saw the answer I got ... I think I said it there ... even when the property lending was increasing at 65% year on year, that's 16 times what the ECB said the appropriate growth in money and credit should be. Yet, there was no response.