Mr. Tom Considine:

Well, I suppose the whole time that was there, once credit was increasing rapidly, which it was, this concern was there. I mean, it is not about not recognising it; it's about whether you ... what you consider to be the threat that it poses and the analysis that was available suggested that the banks could deal with any likely shock to the system. And that's where the flaw, you now, was. It wasn't that ... I mean, it would have been clear that credit was increasing; it was clear that house prices were increasing.