Susan O'Keeffe (Labour)
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On page 4 of Mr. Nyberg's statement this morning he says that he believes the excessive risks taken and the subsequent losses appear to have been the result of ignorance or a lack of understanding. There would be many people at this table and, indeed, outside of this building who would say that much of that was down to negligence, selfishness, people lining their own pockets and a lack of implementation of regulation. In his own report, Mr. Nyberg talks about banks deviating from formal credit policy documents, boards not knowing how banks were run, inadequate attention being paid by the banks to credit risk management, vigilant authorities should have known things, and departments not having the requisite staff. I am puzzled how Mr. Nyberg could sum up all of those things and say it was simply the result of ignorance or a lack of understanding, which I think is a very benign and very kind sum of what actually happened here over a very long period of time.