Mr. Ed Sibley:

We have not had anything connected to competition in our mandate since 2010 for very good reason. I add that we are part of a European community. Within banking in particular and within the Single Supervisory Mechanism, we are engaging with the ECB and other competent authorities across the eurozone on this issue. There is no sniff of regulatory competition. We have an approach which has been outlined by the Governor, myself as deputy governor, and other colleagues and we are seeing that through in terms of our engagement with firms. That also holds true for other sectors, including insurance and funds.