Mr. Alan Gray:

So, I think it was very much a question of looking for the executives to examine in more detail the key risks that were in the banking sector. And they related to examining in terms of what was likely to happen in the commercial, buy-to-let market, in the property sector. It was very much in terms of looking at and encouraging an investigation of what would happen during a property crash, because all booms end in either a slow down of property prices or, in a significant number, in terms of a property crash. So, I think there was a very wide range of risks identified and research done, but they came to the wrong judgment on what actually happened.