Mr. William Beausang:

At the time it was clear ... post-Lehman's it was absolutely evident that we moved from a situation ... definitively, from a situation where you were talking about maybe individual institutions to looking at the stability of the system as a whole. That was, I suppose, a clear break if you look at pre and post-Lehman's, the whole sector, the whole system was vulnerable and at risk. And a solution ... resolutions to these difficulties needed to take into account the whole of the domestic financial institution, rather than looking at any individual institution in isolation.