Mr. Con Horan:

The European ... no. I mean, the answer is "No". It was a transitional period. Obviously '04, the Basel Accord was published.

It moved a lot more flexibility to the banks in terms of how they did things rather than to the supervisory authorities. That was the forerunner to the capital requirements directive which began to be put in place then. I think ... I don't think anyone will doubt that that was not a robust system and I think the fact that I made there - that seven years on we're still correcting those errors in the regulatory regime and trying to improve and strengthen it, is testament to how poor it was at the time.