Mr. Liam O'Reilly:

The skill set to do the job of a principles-based regulator, yes. Perhaps we could have ... we could have put in more people of the economist persuasion within this central unit that I'm talking about. That would have helped a lot. But with a principles-based regulatory regime, the kind of staff that the regulator is looking for today, like people drilling down into loan books, etc., we didn't have them at the time and it wasn't seen to be needed because we were using this system.