No, I do not agree with the hon. Gentleman. That had nothing to do with the origins of the crisis in the banking sector. The start of the problem was that too many banks, particularly in the United States in the sub-prime market, took on risk that they did not understand. If the hon. Gentleman was right in his analysis, there would not have been a banking crisis in any other country. The fact is that every developed country has experienced this-and as the hon. Gentleman knows, they all have different models in relation to regulation and supervision. The primary responsibility for any organisation must rest with the board of directors of that organisation, and in too many cases they were found wanting. I do not agree with the hon. Gentleman. I think that his analysis of what happened is wrong.
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