Mr. Liam O'Reilly:

I think condition is very, very strong. I must say, the best set of proposals and the best way of dealing with it was the use of administrative sanctions. And the administrative sanctions - I heard Mr. Horan's evidence on that ... the administrative sanctions system had been ... the actual law and the infrastructure had been built. I was the head of a project team in 2004 which was dealing with this. And in the case of the banking department, there is a document - and I think you have it in your ... in your store of documents provided by the Central Bank - there was a whole list of legislation that could have been turned into the codes. Now, I've been told that the reason it wasn't been done was there wasn't enough resources to do it. I think that was a pity.