Mr. David Begg:

Well, first of all there was the international dimension, which was very strong. I think that if, you know, you can't look at this question without looking at that international context and Ireland, as a small open economy attempting to attract in financial services industry or attempting to build a financial services industry, was very, very susceptible to that and was very influenced by it. As John has pointed out earlier on, in the trip that they went on to the United States and the inputs they had from people like Merrill Lynch and so on ... where I remember seeing something where Merrill Lynch had asked the regulator to take the lead in this area of rules-based or, I beg your pardon, the other principles-based regulation. So that is one dimension. I think that-----