Mr. Michael Walsh:

The second half of their concerns. You know, obviously, you know, we had sought to appoint what I'll describe as a chief operating officer in kind of late-2001 and I brought him in ... when I say "I", you know, the society had actually brought him in on the basis of the fact that, you know, "The society is likely to be sold, you know, in the next year because we're expecting the legislation, so we're going to take you on and actually give you a kind of a contract that protects you."

Unfortunately, for many reasons we probably don't need to go into here but that's a decision for yourselves, that appointment didn't actually work out. Ultimately, there were requirements being imposed which the board couldn't accept. Consequently, the board had to decide then "How do we go forward?" And there were two ways to go forward. One was to actually try to strengthen the management team around in terms of depth or, two, was to try and actually generate a new focal point. My view at the time was you would ideally like to have got both. On the other hand, you cannot impose a single individual into an organisation and consequently, given that you can't impose, you're better off actually building the management team, or the engine room of the place.