Mr. Dermot McCarthy:

I believe so, Chairman. Certainly by, I think, 2006 the ... if you like ... the amber was very visible. It might have been flashing a bit earlier. But the emphasis, if you like, in terms of the risk to economic performance that were highlighted included the potential downturn in the construction side. But also issues like exchange rate movement, commodity prices, the fate of the US economy. By contrast with those issues, this was something under, potentially, some measure of domestic control. What the messaging was understood to be saying was that it was no different, in terms of its risk significance, to those other issues.