Mr. John Moran:

We knew there was excessive lending in the marketplace. I do not deny that for one moment. It is very important to make clear that as practitioners we did not know how much equity was going into the deals. We did not know whether equity releases were going into the deals. We were never privy to or involved in any of the negotiations around the terms of those transactions. We did not know what personal guarantees were being given. What became very apparent afterwards, again this is with the benefit of hindsight, is that we did not know the level of lending. We did not know the geographical concentration of it, nor did we know the level of lending to specific borrowers. That is information to which real estates advisers would never be privy.