Mr. Patrick Neary:

Yes, I think ... we should ... I think the source for that response has to be the Honohan report. I think we adopted a principles-led based system of regulation that clearly failed. It wasn't intrusive enough. We didn't rigorously assess the controls and procedures and the risk assessments carried out by the banks over their business. We allowed a concentration ratio guideline to fall into abeyance and not to actively, I think, follow that up and implement it and ... in that regard, I think the style and the approach to supervision that we chose to follow at the authority level was not the right one but it was the same as the approach taken in all the other European countries and it was ... it was ... it got a ringing endorsement from objective ... objective agencies like the IMF and the OECD.