Professor Alan Ahearne:

If you think ... so ... but if the solvency includes, sort of, forward looking, so what losses? It's not the losses as actually recognised today under what I think are imperfect accountancy rules but - you could step back from that, which is in a regulatory or an accounting approach to solvency, and say that, as an economist, this is what is going to happen in the property market and here's the real story with these loans, that there's really not much collateral and stuff like that. If you knew ... if you add on what subsequently happened and the losses, then it was ... it is clearly completely burst on the night, but that is not what the data would have shown on that night.