Mr. John Moran:

We are operating in an environment in which the Single Market and the single currency hold sway. What we have learned in the banking system, for example, is that the infrastructure previously in place within it was not suited to the environment to which I refer. It did not mirror the underlying framework of the economy or the fiscal position. That is why we are standardising deposit protection and the regulation of banks across Europe. It is all coming from the same place; therefore, there is less likelihood of there being a divergence or a failure in an individual national system. This is the opposite; it is a national-----