Mr. Gabriel Makhlouf:

One of the things I spoke about yesterday was that the macroprudential framework we have for the banking sector is not replicated in the non-bank sector. Some of the work we will do will ask the question as to whether we need that type of system to be replicated in the non-bank sector. More generally, it is the nature of regulation that it is always trying to catch up. An enormous amount of work has been done throughout Europe and internationally that, in my view, has caught up but the industry is always developing and changing. It is the challenge for all regulators everywhere to make sure they have the agility and ability to keep pace with developments. Certainly within this Central Bank, I am keen that we keep up with those developments. One of the reasons, as I said yesterday, we want to do this work on the non-bank sector is because I want to make sure we keep up.