Mr. Alan Merriman:

Secondly, I'd say ... and I've had the benefit of it, I'm not sure if it's in the document that was shared with you by AIB and EBS, but I have seen the detailed response to all these queries that went back to the regulator, and it deals with every single point and explains them. And that was clearly done to the satisfaction of the regulator because there was no subsequent correspondence on the matter. The third thing I'd say is - and I think it's an important point in terms of giving you some personal insights - when we talk about the regulator, and in this case we're talking about the Financial Regulator here, there's many different components of the regulator. So there's the Pat Neary level, there's the head of the banking division level, there's teams that might do a thematic review of "know your customer", or there's an inspector who's doing a very detailed review, regardless of the wording, of the loan files. So my broad insight to you would be ... look, I can completely understand that somebody reads this cold and they go "Jesus, what's going on here?" Completely get that. What I will say to you, candidly, is that unfortunately the practice amongst the regulator was they'd come in and they would do these reviews, they wouldn't engage properly in terms of getting clarity while on site and then they would then send very detailed questions to have clarification. But, much more importantly, I'd be standing back and I'd be saying "Okay, look, this level of inspection was going on but where were the dots being joined up so that, at a higher level, the regulator would be coming in saying "Do you know what? I get it, that there's a passport where the photograph isn't legible. And that's not great. But do you know what? I don't need to talk about that. What I want to talk about is your development finance. And what I want to talk about is that you've got 33% of your book is funded only by retail deposits.".'' That's what was needed in terms of macro-regulatory intervention. That's where the regulator needed to be. When we talk about 100% mortgages, it's not about on an individual case whether an institution was doing it or not or why it was doing it-----