Mr. Liam O'Reilly:

I think, No. 1, the risks were not quantified properly and the financial stability reports and the IMF reports were all too sanguine even after my term in office - much too optimistic. So, I would say that that certainly didn't help in getting a sense of readiness or a feeling of danger around the place, okay. That's the first thing I'd say. The second thing I think I could say is that the system itself was not ... was not conducive to digging down into ... into detail enough. So the principles-based system didn't work. The Basel accord was not fitted in terms of what it required in terms of capital-----