Mr. Gary McGann:

I don't think it necessarily follows that exceptions to the policy, given that the policy was, as I said, written tightly and, as I say, it's not necessarily just in Anglo ... that the exceptions would by their nature be, if you like, a breach or a piece of evidence that there was a problem. I think what they needed was obviously a higher order of sign-off. It doesn't ... for example, it doesn't follow that loans that were made as exceptions to policy were necessarily bad loans or, indeed, worse loans than loans that were within policy.