Mr. Michael O'Flynn:

There was another plan in play to dismantle the people in the industry and that plan ... I was told at a very early meeting by the senior executives, "We want disposals. We don't want plans. We don't want development. "We don't need any more development", I was told at one meeting by a very senior executive and I said, "But this is a business that I've been in for an awful long time and we will need development again." And I'm on public record of saying that for a number of years now. We had too much development in many places but we have ... we had a short ... we never oversupplying. We'd wrong product at times and I'm guilty of that, partly driven by planning considerations and partly driven by bad timing on our part. I'm the first to accept to that but, by an large, we shouldn't have stopped the development industry like we did. We shouldn't have panicked either, like we did. I'm sure Europe ... we'd have found a way with Europe if we had proper approach to a lot of companies who were capable of working out their product and supplying the needs of an economy that was in difficulty but had a careful plan to return to ... which it has done and which we wanted to tie into as an industry.