Mr. Mario Nava:

I am sorry; that is not what I am saying. What I am saying is a different thing. What I am saying is that the ECB was the monitoring authority and had that responsibility. The Irish Central Bank was the exclusive supervisory authority until very recently. There were committees at those times at which all the supervisory authorities were put together - committees that were particularly useful for dealing with cross-border banks, where banks were active in more than one country and account must be taken of interactions between the different countries. That is what I am saying. The supervisory responsibility lay with the national authorities. There were committees and ways to bring supervision to the level of where economics was. The later move to the banking union - where banking union means central supervision - was dictated by the simple fact that the economics had moved ahead of the regulatory institutional framework. The banks were much more integrated than the regulators and the institutions were. We found ourselves where the European banking sector, which is a very large sector. As the committee is aware, the European banking sector alone, depending on the year, represents between 40% and 50% of the world banking sector and is about four times as big as the American banking sector. The European banking sector is very large and is very economically integrated. There are banks that are present in many countries, and often are more important in the host countries than in their original country.