Professor Philip Lane:

I will turn to Mr. Sibley on that shortly. In the past decade, much of the work was on resurrecting the capital positions of the banks and other measures, but that is done. There are some elements to do in terms of their balance sheets.

The next conversation is about the long-term strategy. There are two dimensions to that, one of which is the balance between long-term strategic decisions about, say, the role of IT or the business lines to be in. What we are saying in this report is that, in addition to what I have just said, there is a need for a long-term strategy regarding how one is going to do right by the consumer. There is not enough attention paid to consumers in those strategic discussions. Mr. Sibley might want to add to that.