Mr. Brian Patterson:

The primary reason was that, as we now know, that bank lending, particularly into the profit ... the property sector, both domestic and commercial, and for all kinds of reasons which we're beginning to understand, got out of hand. The banks were borrowing short to lend long. And when the crash came, and I do believe that international factors played a part in stimulating that crash, that it ... it just ... it rolled through the whole system.