Mr. Gavin Purtill:

I thank the Deputy for his question. In our detailed submission and in my opening statement, we recommended that the same safeguards be in place in the banking and non-banking sectors - banking and shadow banking - to ensure that the regulations introduced as a result of the crisis flow over into the non-banking sector, the same safeguards are put in place and the risks are managed. In terms of the single rulebook, close convergence of supervisory practices of non-banks and banks is what we would look for. Those are two areas we would recognise and look to protect against.