Mr. Klaus Regling:

Yes. Many countries have experimented with trying to find the correct design for supervision. Some countries from the beginning left the matter with central banks; others took it out, as in the UK, but it has now put it back with the Bank of England. These things are going back and forth. Max Watson's and my conclusion, not only for Ireland but globally, is that the structure plays less of a role than the culture. We are not saying the structure, the institutional set-up, is unimportant but that it plays less of a role than the culture. It is more important that the culture be the right one. If the people play their role in an assertive hands-on way, that is more important than the institutional set-up because, even if the institutional set-up is perfect - if one can find a perfect set-up - but there is a hands-off, non-intrusive and too-polite approach in the belief that markets will find a way themselves, that set-up does not really help. That is why we came to this conclusion, which is a global conclusion and not one only for Ireland.