Mr. Alan Merriman:

Look, I think the start of it clearly was that wholesale funding became available to the market here. You know, EU, euro would have all been part, would have been a catalyst for that. Why did the society start seeking wholesale funding? Because it needed it to support the lending it was doing to its members. And then it just gradually grew over time. I think that's evident from all the papers and from the history. It grew over the course of time, bit by bit by bit. Was the board conscious of the risks around wholesale? It was conscious that there was a dependency on wholesaling ... on wholesale funding. It was very conscious of the need to diversify it. But it probably didn't anticipate - and I think this is true right across our own market, but globally - that a liquidity crisis of the type that came was as possible as it clearly was.