Ms Cathy Herbert:

Well, I think it's clear now to us all that the system was very ill-prepared. I mean, there seemed to be a lot of preparatory work ... as Kevin Cardiff has ... if you read his book of evidence, it's clear that a lot of preparatory work was done. But there wasn't any contemplation of what would happen if there was a serious property crash. So, if you like, people seemed to be hidebound ... and the people advising the Minister seemed to be hidebound by a certain set of assumptions. And-----