Mr. John Hurley:

It was simply a function of the approach. I mean, if you go into a rules-based system and a detailed system, the starting levels will have been very much higher. But the view at the time was that principles-based supervision was the appropriate way to go. This has suffered a sea-change since, it's completely different now. We know that rules-based ... to some extent, is required. And, of course, once we get into rules-based supervision or the new regulatory system gets into rules-based supervision, it will probably be only a matter of time before the squeals will come that this is too heavy and we will be eventually forced back to another balance. But the lessons of what ... of this crisis is that we simply can’t divest rules and solely rely on principles.