Mr. Con Horan:

So the regulator had been set up in 2003. It had been set up, and my understanding was left the regulation of the ... prudential regulation was a key factor in the decision to leave supervision within the Central Bank structure. And the approach to supervision at that time was one of dialogue and interactive engagement. It was not an enforcement driven approach. And that approach was deemed to be suitable because there was a long record of safety within the banking system and it was also suitable to the development of the International Financial Services Centre.