Mr. Brian Patterson:

Yes, thank you, Chairman. No, I don't believe that was the cause of it.

I've been following your logic all along and I agree with you that the response to the analysis of the risk is inadequate, to say the least. But my belief is that the source of the inaction, if that's what you call it, came more from the fact that the regulator believed it was following a principles-based approach, right, and that therefore the banks bore the responsibility for managing themselves and for not exceeding prudential risk, etc. And the reference to a roadshow in the second part of that quotation, in my view, comes under the heading of "moral suasion". In other words, we're going to go out and we're going to talk to the banks, we're going to point out to them what's happening and we're going to - to go back to what I said earlier - raise our eyebrows at them and say "You know, you shouldn't be doing this," and that the banks would then take corrective action.