Mr. Michael Fingleton:

I would say the reason why the decision was made, Chairman, or Senator, on reflection was that we had stopped ... effectively stopped lending, stopped new lending. In ... from about September, October on, we were reducing our exposure to the property market and that would be reflected in the board decision. So we weren't doing very much lending whatsoever except to the commitments we had and to protect the security of the assets we already had on our books. So there was little or no business anticipated by the board at that time. So that could explain why it was given solely then to the credit committee.