Mr. Con Horan:

I mean, I think the ... I think it would have been extremely difficult to have a clear definition around that. I mean, I'm not taking from the fact that, clearly, the sectoral concentration and the exposure to the property market is the kernel of the problem we had. Predefining that, I think, would have been difficult without banks being able to ... and, I think, Governor Honohan has acknowledged this in his report, that this sort of structure was too easily evaded and, quite frankly, if you did it, it would have impacted significantly on the IFSC, etc. As I say, internationally I don't believe anybody has that structure currently.