Mr. Peter Nyberg:

The problem is partly in the choice of words and partly in the eye of the reader because the commission report certainly does not imply that. It does mean, and I still think that is absolutely true, that a lot of people in many different ways enjoyed benefits from the bubble.

They enjoyed benefits in employment. They enjoyed benefits in public expenditure, in the price and extent of public support, and in services. Part of them also enjoyed benefits in the form of low-cost loans and access to invest in housing. That does not necessarily mean that they partied but it does mean the boom and the bubble meant that their lives felt much better than they would otherwise have been. The crash afterwards meant that all those benefits became, in practice, impossible to finance any more. That is what has been happening now. It is quite true, of course, that the costs of the crisis are not necessarily distributed in the same way that the benefits of the crisis were distributed but that really is a question that was not on the list of the commission tasks and it is something that the Government and the Parliament have to think about, if anybody does.