Mr. Domhnall Cullinan:

We were prudentially responsible for the undertakings. We are responsible for the prudential supervision of any entity authorised by the Central Bank. Equally, if someone is authorised in the UK, they are prudentially supervised by the Financial Services Authority, FSA. When one passports, as it is called, into another jurisdiction, one is subject to the local host regulator's conduct of business rules. In the same way that the Central Bank has a consumer protection code, anyone authorised in another member state who passports here must comply with our consumer protection code. Equally, QIL would have had to comply with the conduct of business rules that pertain in the UK.