Mr. Kevin Cardiff:

I think that's right, Senator. When we set up the new structure in 2010, I slipped in with the permission of the Minister a provision and the provision is that every three or four years the Central Bank structure, the supervisory structure, must be reviewed externally. But, in fact, even in 2006, it had been reviewed externally and got a pretty solid report so there was something wrong not just with the Irish regulator, frankly, but with people's perception of what a good regulator would look like in that period.