Mr. John Hurley:

But this is ... you're reading from a note in 2005, and, in this note, this was the view. A new regulatory system was put in place, the legislation was hardly dry, the new ... the Financial Regulator was being established. The financial regulatory system ... they were working extremely hard to build up this system, extremely hard. It was on the basis of principles-based regulation. Principles-based regulation wasn't an Irish invention. It was a worldwide movement. It was on the basis that markets know best, and the Irish regulatory system was adopting a philosophy that was a general philosophy.