Ms Ann Nolan:

I mean, at the time I was on the board of the ACC Bank its structures were very different. It was still largely an agricultural bank, lending to farmers. It was doing a small bit of property lending. I didn't like the structures of the property lending but I was told I was a conservative civil servant. In retrospect, maybe I should have brought my conservatism to all of the other banks as well. I wasn't keen on it but it was a small portion; it wasn't a huge risk at the time because it was a relatively small proportion of their book, so it was different.