Mr. William Beausang:

But they would have been traditional ... I mean, they were tools, those macro-prudential tools in terms of direct restrictions on credit or restrictions on LTV ... on LTVs. They would have kind of fallen out of fashion in terms of what regulators or supervisors did internationally, apart from a few notable exceptions, so that wasn't part of what ... for good or for ill, what banking supervisors or central banks did in the period running up to the crash. But that certainly was what was missing in terms of trying to pre-empt the difficulties that ultimately crystallised with the ... with the events of September 2008.