Mr. Brian Hayes:

Much of the way in which a bank makes a decision is a look-back at the past at one level, for example, at the level of capital or the level of liquidity, based on past performance. We now have a new tool called IFRS 9, which is an accountancy standard that tries to predict what is going to happen in the future. It tries to give an assessment of what could go wrong, taking Mark Carney's assessment when he famously said that banks are in business to take the worst-case scenario. That is an accountancy standard which is applied not just in the EU but globally and which all regulated entities have to follow. That new standard, IFRS 9, really tries to capture the likely risks that are coming down the track for any large institution and capture them in such a way that it can account for them in terms of its own assessment.