Mr. Michael Torpey:

So, what I would say is that the regulator operated the rules of the time as he applied them. There were, I believe, weaknesses in the way he operated. I've expressed my view and it's only a view that it had might have been more effective if there had been more direct engagement rather than waiting for the formal communication of outcomes and I believe a lot of these issues would have been resolved more quickly. That's my belief and I also believe that the change in regulatory approach in recent years has reflected the fact that there were weaknesses in the particular regulatory approach which I am glad to say have been very thoroughly addressed by regulators in the years since.