Mr. Michael Walsh:

Yes ... sorry, absolutely. I mean, what I can never understand in terms of, you know, shall we say, kind of, some of the coverage that goes out, because there's, kind of, an assertion that, you know, the managing director could do whatever he wanted without any reporting lines, without any restriction. Very clearly, you know, there was a delegation set up in, I think it was 1994 initially before my time. That delegation and the, you know, shall we say, prevention or, you know ... I'm not sure what the right word is, but actually the powers retained to the board, the retention of powers, were clearly documented in 2000 ... sorry, not in 2000, in 1997. In 1997, we had discussion with the Central Bank, you know, the assistant director general at the time, and he laid out what he believed were appropriate reserve powers for the board. Now, the minutes of the board meeting whenever it was in 1997, clearly set out, "This is the delegated authority to the managing director". And then it goes on to say, "However, the board reserves the following powers to itself". And the powers that it reserved to itself were discretion in relation to, you know, anything above a certain threshold had to come to the board.