Mr. Liam O'Reilly:

Okay. I can answer that question. We had a mandate, under a Government policy, to follow what was called best financial regulatory practice or something. I forget the name of the document but it was a policy document about good regulation and one of them was you cut ... over-regulation was not a thing we should be doing. And it was in that context ... and it would have been generally in the context of what would be principles-based regulation. Now, would I ... would I do that now? Should I have done it? Certainly, in hindsight, we need to be more intrusive and I think over-regulation is a rule for the future.