Mr. Ed Sibley:

The short answer is "Yes". In the authorisation activity for any firm that is in any way significant we have had a high degree of engagement before a draft application comes in, in the review of the draft application and in the review of the final application. That has ensured that we understand the type of business that is coming and the proposal for how that business will be run. It enables us to make sure that the controls, governance and risk management are commensurate with the risks inherent in the business. In virtually every case the initial proposal was not sufficient for our purposes or to our minds and they have been required to put more people into key positions to locate the key management in Ireland, at least substantially enough to run the business from Ireland consistent with it being an EU entity.