Mr. Mario Nava:

It is fair to say that the 2006 capital requirement directives implementing Basel I, were done in the spirit of the time which was the spirit of going mainly for principle-based regulation. It is not fair to say that we did not realise that it was not enough. I have made this argument before in reply to a question from Deputy O'Donnell, which was that indeed, Basel II was then essentially scrapped and Basel III came. As I said it has been a history of evolution where there has been a constant improvement of the regulation and the supervision by learning from crises that emerged.