Mr. Pat Farrell:

Well, at its core, like, banking is a fairly simple proposition. You just ... you intermediate money. People give you the loan of their money and then you lend it to other people. But it's also a highly regulated sector, so that brings its own levels of complexity and opacity. It's also heavily legislated for and then there's all the governances that flow from the fact that it's an internationally-traded service. I'm not best placed to determine how banking got to the level of opacity and complexity that it did. The fact is, it did. I made that statement in Kenmare. I acknowledge it and, you know, since then the changes that have been undertaken in regulatory frameworks have, to some degree, tried to reduce some of that opacity and simplify it like, for example, the ring-fencing of investment banks from retail banks. And actually that is probably one that speaks to your question which is that investment banking ... banks developed into situations where they became conglomerates, where they were investment banks and retail banks and, of course, investment banks are notoriously complicated instruments and they are quite a degree of opacity as we learnt through the crisis. I think that spread across banking groups as well.