Mr. Simon Carswell:

The rules that would be required have been already introduced under the new regulatory regime. It is important lending in particular areas is curbed, so that the regulator could, in respect of likely exposure in a particular sector, step in and apply limits and force the financial institution to abide by that. This needs to be backed up by aggressive action to ensure those limits met. It is not only rules, but actions, that are required. If both of these requirements are met there is a much greater chance of preventing something like this happening again.