Mr. Peter Nyberg:

Yes and no. The way in which supervision was ideally provided was to be concentrated - that was true of Ireland, the United States and the UK specifically - by looking to see that the banks had the right governance structures in place. That was the idea, and the idea was that banks of course would act in such a way that they stayed solvent, that they were profitable, that they were growing and safe. The supervisor of course knew who they were supervising and they respected banks' views much. They also thought it was not their business to judge banks' business models but rather the ways in which banks were organised to keep that business models' risks under control. That was the idea. I think that was also a factor behind the passivity - that looks as passivity now - behind the financial regulators' and the Central Bank's policies towards the banks. They thought it was not their business and that they did not understand it enough, if one wants to make it simple.