Mr. John Hurley:

Well, I think if the crisis has taught us anything, it is that you can't simply drop a rules-based approach to supervision; you have to have a mixture of the two. And that was the orthodoxy at the time, it was the philosophy at the time, but that's now entirely changed. In the situation in which we now find ourselves in, there has to be a far more hands-on approach to regulation, and I think that's ... that's being adopted everywhere now and the new structures within the European Union and the basis on which the ECB, for example, has now a role in relation to regulating major institutions is part and parcel of that. So it's a significant change and, I think, an appropriate change.