Mr. John Hurley:

The only power that the Central Bank would use would ... was the power under the new Act. The old powers were really the ... I think it was said ... even said here in this particular letter .. that they would not normally be used. The first power really had to do with European operations. It had nothing to do with the powers that were subsequently given to the Financial Regulator under the new Act. And under the new Act, we certainly had power to give guidance to the Financial Regulator but we did that through the reports themselves.