Mr. William Beausang:

Two reasons, Chairman. The first reason was because the Financial Regulator was formally bringing to our attention that they saw a major financial stability risk. Secondly, we were, in terms of our legislative responsibilities, we had the tools to address the issues that they say were giving rise to the systemic risk in terms of scope for reforming the credit union, the legislation governing credit unions, or indeed in dealing with the major issues that was highlighted to us around our savings protection scheme. So that's the distinction I'd draw between this scenario and the scenario we're speaking about earlier on.

The fact the Financial Regulator brought it to us, and that it related to an area where we had the tools to do something about it. Whereas more generally around the growth in credit, they didn't bring that issue to us, but they had the tools anyway and the responsibility for dealing with it as I referred previously to the deputy governor's speech, where he says macro-prudential policy, which would encompass action to address excessive growth and banks' balance sheet, is the responsibility of the Central Bank and the Central Bank and the regulator, and they must be independent in discharging those functions because of the risk of political interference if it was otherwise.