Mr. Patrick Neary:

I think that ... I do not know how to make that connect, you become a practitioner of a system. You see that at that particular time the system is in widespread use. It is also embedded in the proposals that are coming down the road from Basel, which actually devolves more autonomy if you will to the banks to determine their own capitalisation and their own internal controls. So I can see how people, myself included, believed that the principles-led regulation may have been suitable. We committed to making the system work but it did not work.