Mr. John Hurley:

Well, I think the objective and the intention was very good and the intention of our regulator was to follow the best in relation to principles-based regulation. But the fact of the matter is given the ... the crisis, given the risk management practices within the institutions that particularly happened in 2006, it seems to me that you have to have an amalgam of principles and rules-based systems. And it's a question of getting that balance going forward. I think the chairman of the Financial Regulator before has accepted that in the circumstances, that there probably should have been more intrusive regulation. But principles-based regulation was adopted for good reasons. We weren't the only jurisdiction, it was fairly widely implemented. And it was consistent with the Government's own regulatory White Paper.