Mr. William Beausang:

It is clear from the reports that are already in the public domain, there's major failures in terms of macro-prudential supervision by the Central Bank for whatever reason and the issue of the structure has been mentioned by other witnesses. There did not seem to be an awareness of the role of the Central Bank in actually seeking to intervene, to deal with the risks that were being created in the financial system. This may have reflected ... I mean you are looking at the banks on the one hand and the economy on the other-----