Mr. Brian Cowen:

I accept that if Kevin Cardiff was of that view, yes, I would accept that, if that's ...it's something looking back now, you'd say, why, why was it the case that there was a very graduated approach to it.

And the point I'm making is that it was felt that whilst there was a liquidity issue, the backdrop was of the place ... of all these banks being well-capitalised and that they were sort of going to work over a period to see how this ... to see if the tightening would increase so that anything beyond the liquidity issue would arise.