John Paul Phelan (Carlow-Kilkenny, Fine Gael) | Oireachtas source

Okay. I want to turn to your statement on the issue of corporate governance and proposals that you made in 2005, and I want to quote directly again, and you referenced it I think in some of the previous answers that you've given. You state:

In May 2005, I proposed to the Authority a corporate governance regime for banks and building societies. This proposal was to impose a formal condition on the licences of all credit institutions, thereby laying a strong foundation for the taking of enforcement actions under the administrative sanction regime that was being developed at the time.

If you could briefly maybe elaborate a little bit more on that particular proposal, and also elaborate as to why you believe that it didn't come to fruition?