Mr. Dermot McCarthy:

Well, I think there were a number of failings with ... and, in a sense, a number of people have commented on the unsatisfactory nature of, if you like, the spreading of the blame, so to speak, but, it ... as, as Nyberg, I think, observed, it was of the scale that emerged precisely because there were a set of interlocking failures. On that particular issue, I think there was an orientation to define the problem as a liquidity one, and it was, of course, in origin, a liquidity one, which meant that the concern about the solvency question, the capital adequacy, the potential exposure on loan books, and so on, wasn't engaged with as early as it arguably should have been.