Mr. Jonathan Sugarman:

The old regulations were a fundamentally different way of looking at the speed at which one is driving. The significance of this document is that, having been guided by the European Central Bank and the Bank for International Settlements, BIS, in Switzerland, the Irish regulator said it needed to firm up its measurement of liquidity, because the existing 20% requirement was too simplistic and was not sufficient for the risks being run, and therefore it would introduce a far more precise measurement of liquidity.