Mr. Kevin Cardiff:

Okay. It's a very broad question, Deputy, but on liquidity ... first indications of stresses were in the middle of 2007. There was a ... I'll run through it very quickly as I know you've time limits. But there was a heightened concern in ... towards the end of '07 because of the end of year liquidity action slows down typically at the end of the year. And over, on a sort of a gradual basis over the next several months there was a tightening of liquidity and as I described in particular a shortening of the terms on which banks were being lent to, there's one exception to this I'll come back to. And then in September and especially, especially after Lehmans, there was an absolute sea change, an amazing revolution in how the world's financial markets were operating after Lehmans. So, there was a gradual build up of the crisis, but the Lehmans event was a significant, additional change in the structure. The one exception I wanted to mention was Anglo, which had some particular stresses around the end of March 2008 ... which eased over time, but they had a ... their share price fell a lot and they had a problem. There was a, sort of a, a view that at least some of this was coming from a serious attempt by hedge funds and the like to both short their stock and talk them down to create rumours to undermine both their deposit base and their share price. The truth of that, there's always stories as to why things are happening or not. But the Central Bank and Financial Regulator did take action to ban some of the practices that might ... exacerbate that.

On solvency, well the banks were regarded in 2007 as not just solvent but resilient to future difficulties. You'll have seen in the various papers you've got and in the various indeed in the papers you've given me that ... the SLAP principle or slam principle, SLAP principle applied. SLAP was solvent, liquid, assets and I forget what the last one ... personnel was okay. So that was the message both from the Financial Regulator, but not just from the Financial Regulator, all the external commentators even up to July 2008 were saying, "Banking system okay." I think, for example, Goldman Sachs issued a paper along those lines in July or August 2008 ... the credit raters were holding them on quite a high credit rating until the first sign of trouble from them, that side was the, from recollection was the INBS problem. So that's the sort of story in summary.