Mr. Alan Gray:

Thank you, Deputy. I think that I did have some further thoughts on stress testing, yes. Just in preparing for this session, Deputy, I went back through more detailed notes I had and I can’t quite remember whether I put this in my statement but the very first presentation on financial stability and stress testing that was made to the central board ... bank board when I was a member was at the end of March 2007, and I and a number of other directors asked for further work to be undertaken on five areas: the exposure to the decline in the price of building land; the consequences of the continuation of recent trends in credit; the effect of changes in interest rate on affordability and debt levels; analysis of the levels of provisioning and what would be the impact of a collapse in property prices. At a subsequent meeting of the Central Bank board, I and other directors asked for further work to be completed on three areas: commercial property; the buy-to-let market and the emergence of sub-priming.