Dr. Michael Somers:

Well, the whole thing started in August 2007 when we started to take the money out of the banks and it was then towards the end of 2007 that we were getting these directions to place cash with the banks. So, it was a continuing cycle and didn't seem to be getting any better and ... I'm not sure that we saw where this was all going to end. The hope was, I suppose, that confidence would return to the markets and that the interbank market might start functioning again. But the difficulty was that we weren't the only country that was doing this. I mean the general attitude of people who had money, surplus cash, instead of putting into the interbank market was to take it out and put it into local, central banks. And then that, of course, resulted in a huge squeeze on liquidity and money just wasn't available anymore. Now, was that our problem? My attitude was that's not our problem. You know, we all look after what we're obliged to look after and the central banks can recycle the money and ... now, central banks were not very good at recycling the money, but there was no particular reason why they couldn't do it. And I think at one stage there was talk of some mechanism being introduced among central banks that would facilitate them in recycling liquidity but I don't know whether it ever actually came about.