Mr. Alan Gray:

I think in terms of the strength of my views and in terms of my understanding of the scale of changes needed, it was an appropriate action. It wouldn't be a normal action, Chairman, in a normal situation if there was not major problems and the reason that I sent it to the Department of Finance and to the Central Bank and not just raised it at Financial Regulator board meetings was it would require Government action and legislative changes as well as simply a matter within the remit of the board.