Mr. John Hurley:

It was simply the approach, I think, that was taken in principles-based regulation where the, the Financial Regulator would have, you know, placed most responsibility on the boards and managements of banks. So it was a different approach to regulation. It wasn't unique to Ireland; it was followed in very many places. What we now know, and I think this would be accepted in hindsight by everyone, that it wasn't intrusive enough in the environment in which we found ourselves.