Mr. Kevin Cardiff:

Oh no, no, no, no. We were ... the system ... the management committee was mostly a co-ordination committee, but the managers, the senior managers were aware of systemic risks building up, did bring them to notice, did explicitly advocate tighter, significantly tighter fiscal policy than was decided by Government and was not ... and their advice was not followed. According to Mr. Wright, we should have not just given the advice when we did but we should have banged the table more, should have been more strident or more insistent or whatever, even more public. But that wasn't the system we were operating at the time.

So there was, explicitly, advice and there was, explicitly, advice on these kind of imbalances, but there wasn't a kind of strident opposition, internal opposition, if you like. There also wasn't, and to be clear, there was not a sense of a looming crisis of the scale we reached.