Mr. Klaus Regling:

I think all of them because when I see that some banks increased their property lending by 90% per year, senior management should not have allowed that. The supervisory board of the bank should have asked many questions, such as whether this does not create too many risks. The supervisors should have asked more questions. It was probably out of line with some of the rules on concentration risks. The Central Bank should have asked questions. The Government should have taken appropriate action to counterbalance that. Again I am back to this view that it is a very widespread phenomenon where one should not single out one person or one group of actors.