Mr. Alan Gray:

They did, Senator. I think from the time I joined, really, a few things were happening. First of all, that incredible mountain of build-up of lending to the property sector really was just hitting its peak. And I cannot comment on any analysis that happened prior to 2007 when the real risks were built into the sector, but there was a detailed discussion on the risks which were very evident then, Senator, and that was a part of the board discussions.