Mr. Matt Moran:

The bank had a model that was to be very focused on the business it undertook and part of the management who had been with the bank for 15-20 years, part of its success and its mantra, was sticking to its strategy and to its focus and not seeking to diversify because diversification also brings with it other risk. The bank lent money to an individual, who in turn bought an asset and then had various cashflows below those assets and that was a source of diversification.