Mr. David Duffy:

It's an important issue, Senator. There were two events that were driving the circumstance of change, the first being that the regulators required us to concentrate back into the centre and centralise many of the governance and approval and risk principles around this.

Secondly, from my perspective I wanted the risk governance to be brought into the centre and the authority to be brought into the centre, whilst we fixed it. To answer your question then in detail, we then decided that once we had control over it, and once we had confidence in our processes and our governance, we would allow certain decisions being made in certain categories of clients for specific reasons. I can give you an example. We said that we would approve an amount of money in 48 hours to an existing customer, provided we understood their credit history, and that would be at the delegated authority of the branch manager, so they could make that decision independently of the centre. So that was what we introduced, but first we brought everything to base, restructured, put in the appropriate governance and only when satisfied with that, redelegated some portion of it.