Mr. Liam O'Reilly:

Well, in my opening statement I think I mentioned about delays in consultation. I think that the consultation process, which was imposed in law, gave very little ... in some sense or other it all the time seems to be ... seemed to be applying a brake to the system. I think that the Financial Regulator nowadays can get things done much more quickly. I seem to remember Mr. Horan talking about, in his submission, that he had decided to go and make a change in capital requirements, without consultation. And it was the right thing to do but there was a censure immediately from the industry for having done it.