Mr. Rob Wright:

I think the core of that issue, which Mr. Peter Nyberg has assessed, is that there must be somebody with very clear authority to regulate the banking sector. I should not comment in detail on his report but I think he has the right tierage. The banks should have done a lot more. The evidence that they did not know what they were doing is pretty shocking. The regulator should have known enough of where the issues of concern were. The international system that tracks regulators should have done more, but they seem to have spent more time reviewing the Canadian financial regulatory oversight than the Irish one. The Central Bank should have done more. The Department of Finance did not have the ambition to engage as actively as it should have done, certainly as actively as I would have done in Canada. I had an outstanding team in that sector.