Mr. Des Carville:

I think the Deputy is effectively talking about the origins of the crash. As a personal comment, this is something I have debated with people over the years. There is an interesting list of parties who are to blame for the financial crisis. If you are dividing it up in percentage terms, the debate would be around how much responsibility each party bears. In no particular order there are the banks themselves and the lending practices they had. Clearly, the risk appetite was too high. There was concentration of lending and lack of diversification. There was the funding model and the borrowers themselves, the regulator and other commentators, internationally and domestically. It is quite a long list of people, and that is only part of it if you trace the crisis back. It is hard to know how you would apportion blame between all the various parties, but it is quite a long list. I think everybody is culpable.