That having been said, events and market forces require that we rethink and refocus our views, and your invitation gives me the opportunity to do so. So, what have been the major factors that have influenced the financial services industry, and especially the banking industry, over the past five years?
14 Turning to business lending, commercial and industrial lending, which, as previously discussed, had surged during the period of particularly acute financial stress in September and October, was very weak during the fourth quarter, and commercial mortgage holdings remained flat. Changes in the liabilities of banks were equally diverse across the three banking organization size groups.