Mr. Liam O'Reilly:

Two things, two things. I think that the major, the major change would have been a more intrusive form of regulation with more resources to carry out that intrusive regulation. I think all the ... and I think I heard Cyril Roux talk about this yesterday, or maybe it was Mary O'Dea, you can have a lot of ... of sanctions, but the first thing to do is you have to have the information on which to base the sanctions. But second of all, I think that the administrative sanctions should have been put in at a much earlier date for prudential supervision. So, they would have been two things, and then the third thing would have been a much closer relationship between economists and financial regulators, sitting together, in a technical team, all the time watching how aggregate positions were evolving and how the aggregate risk was being recognised.