Mr. Patrick Neary:

I mean, I have to say that I was a practitioner of principles-led regulation. I bought into ... I bought into that. I think our ... our ... the authority, as well as regulatory authorities all over Europe, bought into that. And I think we had great expectations that a combination of the ... the legal requirements, both capital and so forth, plus responsible behaviour from boards and management, would contribute to a stable financial system. That clearly didn't happen. So, with the benefit of hindsight, and seeing what ... what has happened throughout Europe, it was, I think, necessary to have a far more intrusive regime of supervision where we ... we, I think, were tough and, you know, adjudicated much ... much ... much more rigorously on what was happening in the banks.