Mr. Alan Gray:

They certainly - and I wouldn't like to give any misunderstanding of this - they had no idea of the scale of the crisis which subsequently emerged, but they did examine a wide ... they certainly knew that the property exposure of individual institutions ... they didn't have sufficient information on what exactly was the position with individual property borrowers, and that was something that I raised at a number of board meetings.

But they did know about the exposures and they did know about the necessity to identify the key risks.