Mr. Mario Nava:

Probably not. I certainly did not have discussions with Professor Black. We had a seminar with Admati and Hellwig, who propose a much higher standard. We measured the various proposals at international fora. Frankly, it is important for banking regulation to remain in tune with what is global because the banking market is global. What drove us was, very clearly, the necessity to step up not only with regard to what was happening in the banks but also the supervisory mechanism and the resolution mechanism. I do not think we have come up with a system which cannot be defined as safe. We have come up with a system which is very safe and which has significantly reduced the likelihood of failure and the impact of any failures which may occur.