Mr. Con Horan:

Yes. I mean, the origin of the proposal was ... well, one, I thought it was the proper thing to do in terms of the principles-based approach to regulation, corporate governance was at the core of what we needed to do.

And there was no real articulation of what the best practices were and I thought it was appropriate to put in a floor or a standard of corporate governance. I think the second point ... the second driver for me was that there were significant challenges with particular institutions in terms of their corporate governance and I wanted to put in measures that would enable administrative sanctions to be taken in the future against those particular ... circumstances. It was around May 2005 I made the proposal and administrative sanctions were literally coming on stream very soon after that. I did go the authority, I think, on two occasions that year with this particular paper. There was consultations with the industry in between but I think I've set out there my understanding of the ... the view was that the markets ... the institutions were overburdened with regulatory burden at that stage. The financial services action plan had just been going on a for a long time ... we had come out ... statements had been made that we weren't going to overburden the industry with additional rules at that point in time and it was just seen as a step too far, I think, is my opinion as to why it wasn't accepted.