Mr. Patrick Neary:

That's a kind of a ... of a very kind of a complex scenario because the IFSC was certainly very well established and had plenty of banks operating in the IFSC before the Financial Regulator was established and before that legislation came in. And certainly, going back to the Central Bank days which we inherited, it was ... it was firmly established that there would be no distinction made between the domestic and the international banks operating and that the international banks would be kept to the same standard of the domestic banks, rather than the other way around. And certainly there was never any conscious change in that approach within the regulator to make any distinction between the two or to lower the standards down to the lowest common denominator.

The ... this thing of the promotion ... was ... it was a very difficult concept and it was irreconcilable with the role of a regulator and it shouldn't have been there. And it's not an area other than in kind of ... speeches and presentations that were done by the chairman, chief executive, very infrequently that there would be any kind of real attempt at promotion other than to illustrate and define the type of regulatory approach-----