Mr. William Beausang:

Certainly, at the time, I wouldn't have seen a very strong linkage between what was being done for the IFSC or the regulation in the IFSC, and the impact on the domestic financial institutions, but I know in my preparation for the inquiry I came across that reference in the Honohan report, I think, to the fact that sectoral concentration limits were loosened for domestic financial institutions, because they weren't going to be enforced for the IFSC on competition grounds. So clearly, that's evidence of a situation where there was a, sort of, a backwash from the IFSC into the domestic financial institutions. But I mean, candidly, the domestic financial institutions wouldn't really have been on the radar in terms of the developmental agenda for financial services in Ireland at the time. The focus was very much on the international institutions, some of which, of course, were some of the domestic institutions, providing services on a cross-border basis from the ... out of the IFSC.