Mr. Patrick Neary:

Well, I think you have to relate that to the system of regulation. And I think I have conceded, I think, from the moment I came in here this morning that the system of regulation was a failure and this is similar to the system of regulation that's ... that was throughout Europe and I think it's in the context of that, that, you know, you have to make your adjudication. And you know, if, if what ... I mean, Professor Honohan I suppose is stating the obvious, that the principles-based system of regulation failed.