Mr. Brendan McDonagh:

Well to be honest, Senator, I was quite surprised because ... it's like, if you're ... if you've got a subject matter that you're dealing with and you're supposed to be regulating and you're supposed to know the, sort of, basic details about what you're ... about that institution and, I suppose, at the start I began to question and say well, they won't answer the questions because maybe they don't want to tell us because they think we're outside banking confidentiality, which is understandable. But once that issue was over and, I suppose, as we went to more meetings during September 2008 it became, probably, very obvious to myself and my senior colleagues that actually, maybe these guys just don't know.