Mr. Brian Patterson:

I don't think it did, no. And ... and I believe now that the financial stability report is an inappropriate way of communicating any concerns there are about banks or the banking system for the reasons that you have summarised very well. But at the time it was. That was the way, at least publicly, it was done. The real issue about integrity of the process is whether actions followed from it, not what was written in the report. Because absent the report ... let's put that report to one side for a minute and say, yes, it had to be optimistic and not to frighten the horses and so on. Nevertheless, the concerns that, I think, existed within the two boards and the executive could have found their way into stronger and more urgent action and they didn't.