Mr. Alan Dukes:

'04. That was flagged in a financial stability report the following year as being a danger. But there didn't seem to be anything more than some kind of polite suggestions from the regulator to the banks that they should maybe think again about doing these things. Now, I have to say that in the absence of a specific bank resolution regime, regulators anywhere have a big problem because if they really get annoyed or upset or worried about a bank, at the end of the day the only sanction they have is to remove the banking licence and that is the nuclear button. I don't think any regulator ... I haven't heard of any case in the last decade where regulators have used that.