Mr. Michael Walsh:

Sorry, I think it's very clear. I mean, you know, you have my written statement in terms of my direct quotes as to what they needed to do. Because from the society's point of view, I mean, it actually was a decision we had taken. We recognised the implications of it but it was also clear that there were competitive pressures still going on around the place. People were trying to actually suggest there was instability around and they were doing that obviously for competitive advantage because if money left the society, it was going to go to one of the larger institutions, but ... or, indeed, Northern Rock, which was actually seen as guaranteed by the UK Government at the time. But the only way you were going to stamp that out or really get ahead of the curve was actually by the regulator - or not necessarily the regulator; the regulator, the Central Bank, the Department of Finance, whoever - actually taking a real role in terms of trying to deal with the crisis.