Mr. Alan Gray:

Well, I think that a bank that is prudently managed, properly regulated in an economy with appropriate macroeconomic policies, without inappropriate intervention in the property sector, would not cause a crisis. So, I don't think it's the fact that they're commercial organisations that are the problem. The problem is the mistakes made within the banks and the failure of the regulatory system to stop them making those mistakes, and the fact that that fuel which ... this crisis is all really about what happened in property and was fuelled by inappropriate tax incentives.