Mr. David Duffy:

I think we do because I think it's not only the regulatory process itself but it is the disposition of what the regulator sees as the purpose of a bank. I think the original mistake that started all this that was made, was that Glass-Steagall was unwound and that prevented retail deposits being given to investment banks. Now once you put the two of them together you had a whole lot more money, a whole lot more leverage and a whole lot more risk. A retail bank ... its purpose is, I think Lord Turner many years referred to it as "socially useful". But it is serving the economy you reside in, for the purpose of growth of the economy that you reside in. Doing so in a way that you're selling products that are suitable to those customers and frankly you should be a boring utility. That's what banking should be. It lost the run of itself, it got into all kinds of leverage and chaos that it should not have been in. So, if you ask the question "Are some of the regulations better today?" - yes. "Is the process better?" - some of it's a pendulum swing and maybe it's going too far in terms of the bureaucracy sometimes, but the spirit of what the intent is, I fully support.