Mr. Matthew Elderfield:

We must be wary of suffering amnesia when it comes to the financial crisis. The costs that arose are so significant that it is important to learn the lesson that light touch regulation did not work and that, in the context of some of the issues the Comptroller and Auditor General has assessed in the past, the lack of proper testing and a strong framework led to weaknesses. I again make the distinction between rules, regulation and supervision in this regard. In the context of regulation, a great deal is happening. The G20's financial stability board has a very large agenda which flows into the EU and on into Ireland. There is much for the industry to digest.