Mr. Brian Patterson:

A compliance statement would require directors of financial institutions to sign up to the fact that they were in compliance with all regulations, that they were in compliance with health and safety and all the usual stuff that compliance statements go for. But, particularly, that they were fulfilling their duties to manage the bank in a prudent fashion. That's what would have been in it. I remember one ... the chairman of one large bank wrote a letter to me which was about materiality and he argued strongly that because there was no materiality clause in this, that if he hadn't bought his dog licence or something, you know, that he couldn't sign it, which I thought was a bit crazy but however. But there was a lot of push-back.