Mr. John Hurley:

I would think that that is one of the great difficulties of separation, particularly in a small country, of regulation from central banking. I mean, when the crisis hit, the Central Bank had to get involved in ECB funding and had to get involved in an area of liquidity management which was the responsibility of the Financial Regulator. We were at the edge of our legal powers when the crisis hit, yet, nevertheless, the only way it could be managed is by me talking to the chairman of the Financial Regulator and saying: "I know what the legislation says but can we manage it on this basis?" So that's the difficulty. When you have these distinctions, they seem fine, you know, in legislation but when problems arise, it's very, very difficult to manage a system on that basis.