Mr. William Beausang:

They had all the tools, and I think they've made that clear, to take steps but they ... well, and, sorry, it's important to make the point because ... in terms of research that I was doing, I mean, there was a number of measures taken by the Financial Regulator which, from my perspective, appeared to be proportionate to the risks that were emerging. They introduced ... the introduction of higher capital weightings on high LTV mortgages, the higher capital weightings on speculative property lending, so there was a number of measures they took and new liquidity ... new liquidity rules, so it wasn't that, from the outside, that they looked hugely passive. They were taking steps to respond to the issues that seemed to be there but, I mean, as we all know at this stage, those steps were inadequate relative to the scale of the risks that were there.