Mr. Brian Patterson:

The systemic ... by the time 2004 came, I think there was a growing realisation in the whole of the building - I mean, you can ... you can say the authority, the ... the Central Bank board, and their ... and their executives - that the pressure was building in the economy, the pressure was building in the housing market and the commercial property market and that ... that these were clouds on the horizon. Yes, that there was a realisation of that. But ... but, I suppose, what's behind your question is that why didn't we act.