Mr. Alan Jackman:

I will be honest with the Deputy; my background is in engineering. I worked in the telecommunications industry for 20 years. I know nothing about banking. I am putting myself forward as a Joe Bloggs. I engaged honestly with the Department of Finance for two years. The latter is the expert in this area. I cannot answer the Deputy's question, therefore, other than to note that in 2012 the British Government split its regulator system. I understand that it did not go as far as I have suggested but at least it decided to have one regulator for conduct and another for prudential matters. Capital ratios are clearly important because, as we know better than anybody else, we do not want banks to fail due to risky lending. That is the prudential side but conduct is an entirely different matter. I do not know how other jurisdictions have operated.