Mr. David Doyle:

Those ... those ... was there a risk analysis taken of an interruption in the international money supply? No.

There was a progressive tightening of the money markets but at no point before September did they become so critical that liquidity ... the bottom of the liquidity pot available to the banks started to run dry. Also, being part of the European Central Bank system, the Department always hoped that the European Central Bank would ... as things tightened, that their arrangements for providing liquidity would be loosened. In fact, they were moving the other way - and I think Kevin mentions that in his documents - they were moving towards tightening of collateral.