Ms Cathy Herbert:

That was ... I think there was a realisation, once the guarantee happened and very soon afterwards, when the position of the banks became clear, that that would have to be done, and the Department set about that pretty much immediately. Legislation was drawn up to reform the banks ... the ... to reform the regulatory system, and I can't recall exactly about the role of auditors, what exactly, but certainly, the reform of the regulatory system, to make it more sound, was set about pretty much immediately, it was 2009.