Mr. Derek Quinlan:

This is what our belief was at the time. And as I say I can quote from the ... you know, the ERSI report in 2008, "The economy has the potential to grow at around 3.75% a year over the coming decade, despite significant short-term problems." I believed that we were going to have a soft landing. Obviously in hindsight we didn't have a soft landing, it was devastation.