Mr. Gary McGann:

Again, I think, Senator, the evaluation done was obviously somewhat in retrospect. I think there is no doubt about it that the board were aware of a certain amount of lending. There were initiatives taken to work on curtailing lending and to only lend new loans to well-established and existing customers where there was a long-standing relationship and confidence. I think the board would also be very conscious of the capital base of the board and the extent to which that capital base was reasonably robust and, obviously, in the context of profits, was replenished on an annual basis in a substantial way. So ... and I think the third issue is the extent of the downturn certainly wasn't anticipated, with the exception of some notable commentators - a small number - the general sense was we were heading for a soft landing rather than a crash of cataclysmic ... of a cataclysmic nature, so ... so the context, I think, was such that we wouldn't have necessarily had that view.