Ms Fidelma Clarke:

I think there's been a very, very substantial increase in the type of analysis that banks do in a reasonably short space of time. If you remember, Basel II, as it was called, so a new capital requirements directive which ... which effectively gave banks options in terms of their own internal modelling and capital requirements, was to say, if you've got a model internally that you use to make business decisions and you can prove that that model holds through time, we will allow you to hold an appropriate amount of capital for that. Alternatively, if you can't do that, you've to hold a standardised amount of risk. Those models were only beginning to be built in the 2000s ... The risk controls, risk functions, risk thinking, establishment of board risk committees, independence of chief risk officers, board oversight, all of those things changed very, very substantially over the past 15 years.