Mr. Alan Gray:

So what I was referring to was the heads of departments in the Financial Regulator board, not in the Central Bank board. And the reason I took that view was the Central Bank board was very much an advisory board that looked at general economic developments. As an independent economist, I would assume that if there had been any contrarian views - I am, despite what might appear in this session ... am an extremely informal individual and I would be known in the economics profession, and people would ... I assume, if anyone had any different views ... would have come to me. And economists, by their DNA, are hard to stop giving their views.

But on the regulator board, when I was appointed I thought, maybe because the Central Bank and the regulator was a sort of a hierarchical and a deferential type organisation, I thought it would be important to ensure that there were no views about problems or particular issues which were ... people didn't feel at liberty to express to the board, and I asked could I meet all the department managers on a confidential basis, one to one.