Mr. John McCarthy:

Yes, no, I do think you're making a fair point, Senator. I do think there was a lack of joining the dots, if you like, between the real economy and what was going on on the credit side. We tried to address that in 2006. I think there was a proposal to establish a working group within the Department and possibly involving others, to look at everything, to make sure everything was joined up, but at that stage, I suppose the horse had bolted and, from what I recall, the group never met.