Mr. Alan Merriman:

I think that's very sensible and I've made that point in my witness statement about, you know, there were lots of other avenues. The regulator could have come along, just by way of example, and said, "Do you know what? We understand the accounting standard. We don't like it", and they didn't like it and I think that, to be fair to them, they made that very clear back then, never mind since. But they could have come along and said, "Despite the accounting standard, what we're going to do is we're going to require you, the Irish banks, to have an additional capital buffer", and force us to take capital in that, as you say, in that, kind of, anti-cycle perspective.