Mr. Derek Quinlan:

No, in my personal view, I don't think you can say property syndicates ... I think one of the main things, as I said to you, was what happened with sub-prime lending. If we were sitting here ten years ago, nobody would have heard the words "sub-prime lending". And this has had a huge impact. I'm giving you the example about UBS, a sophisticated international bank that ... one minute the chairman of the Federal Reserve is saying, "This is a $100 million problem", and the next thing we see UBS writing off billions, over $30 billion. Nobody knew the extent of that crisis.

The whole world could have imploded in September 2008. The financial world was in a very bad state at that point in time.