Mr. Cormac McCarthy:

I have acknowledged that we made mistakes and we got our assumptions wrong. At the time everything we did, we did in good faith. I certainly did not make any decision on the basis of feeling that it was reckless. We did it with an environment that was positive. We did it with a, in my own institution, with an infrastructure of one of the largest banks in the world around us that made us feel that we were doing things in a proper way. It was very competitive, there is no doubt about that. The market was extremely competitive and that has been characterised by everybody, and we did get it wrong. As to whether I would characterise it as vicious, reckless, I don't believe that is the case because that is not how it felt at the time.