Mr. Klaus Regling:

I cannot confirm the data as they come from the Nyberg report. They are probably correct but they are not part of our report. Without going into the data of individual banks, the phenomenon Deputy Doherty describes points very clearly to failures of senior bank managers, the supervisory board and the supervisors. That should have been caught and addressed. Again, it was in the context of the great moderation and the belief that banks would regulate themselves. I do not wish to blame only the people at the time, it was also the culture at the time which was to be blamed, and we have learned from that.