Mr. Liam O'Reilly:

I did. And I seem to remember around that time there were measures being taken by the ... by the regulator and, I think, they came into fruition eventually to have a whole new regime of liquidity management, which seemed to hold the banks in, well, good stead during that period. The problem, I suppose, was that again the market paradigm seemed to be working whereby if you could get cheap credit, you should use that cheap credit. The question of exposures, I suppose, was far from the mind because in some sense there didn't seem to be a consciousness at all that credit markets could freeze up and all of a sudden you're in trouble, and I think that that was a problem.