Mr. John Dunne:

No, I don't believe that was a factor at all. I dislike the term "light-touch regulation" because it suggests that people really weren't doing their job. I mean, we were operating a system of principles-based regulation, which ... the rules of which were quite clear, and I think that was the major part of the problem. But there was no pressure, in my recollection, for anybody to say, "Look, hands off this" or "hands off that", for any reason.