Mr. David Begg:

I think that internally two institutional decisions that were taken - one to separate the functions that we discussed earlier. Separate the regulation and supervision from the other elements of the Central Bank was the second one. The third one was the adoption of principles-based regulation itself while, as John said, that was a continuation from what had been the case previously, I think, in circumstances post the deregulation of capital markets and the EMU with the enormous change in the financialisation of the global economy-----