Mr. Mark Griffin:

Realistically, given the pace at which European business is transacted and the fact that the last meeting of the Parliament will be in April 2014 - notwithstanding that the elections are not until the following month and we will not have a new Parliament and Commission until probably the third quarter of next year - and given the perspectives that member states have expressed on the regulation so far, the divergent opinions that have emerged and the scale of negotiation that will be required at Council and Parliament level, I believe the strong likelihood is - without betting the house on it - that the regulation negotiations will not be concluded by the time the Parliament concludes its deliberations in April 2014.