Mr. Alan Dukes:

Yes. This is maybe a wider philosophical discussion; it's kind of common cause among people who comment on this that the problem we had was light-touch regulation. I don't think there was all that much wrong with the form of the regulation; it was the fact that it wasn't applied. And, you know, as you've recalled, Senator, there were tools there that weren't used that could, I think, have been used to head off some of the worst features of the problem. And I certainly think it was within the power of the financial regulators, (a), to say to the banks much earlier than had been said that they were over-concentrated from a risk point of view in certain sectors and to certain borrowers and, (b), to say to the financial institutions generally that 100% mortgages are banned. We now have rules that are much more constraining about mortgages and I think, probably, we would have been better off if we had rules of that kind from, say, 2004 on.