---

Northern Rock and Banking Reform

I have listened carefully to the right hon. Gentleman's interesting speech. Does he accept that a number of banks will say that they did not think they were investing in risky products because they were all given good ratings by the ratings agencies and that the products' weaknesses emerged only afterwards, when it was, by and large, too late for the banks then to do anything about those products—or rather when the banks would say it was too late?