Mr. Mario Nava:

I hope I have explained clearly in my opening statement that the directives were based on the principle of minimum harmonisation. The role of the Commission is not supervisory. The Commission's role, as I said in response to a question from the Chairman, is to initiate legislation, to see that the Council and Parliament adopts it and then to make sure that it is well transposed. The supervisors, however, do not have to report to the Commission. In those years there was clearly, with the minimum harmonisation rules, subsidiarity so there was no legal power by which the supervisors should report to the Commission about one or other of the banking rules.