Mr. David Begg:

I wouldn't say it was manifestly at variance for this reason: that the risks were all identified, but the risks were, if you like, qualified by this view that the banks were able to handle them and also that the price levels of ... the rate of increase in housing was tapering off at that stage and the view taken in the report, I suppose, was that that meant that things were improving a little bit and it was not as strong as the 2006 financial stability report concerning the risks of the banking sector.