Mr. Frank Daly:

I mean, I would give you no more than a sort of a personal opinion on that, Senator. Indeed, I'm not going to be very definitive about it because I was outside the system and I'm only really somebody looking in from outside. I think, in terms of the principles that were there in the regulatory system - p-r-i-n-c-i-p-l-e-s as against to p-a-l-s - certainly, I think those principles were by and large pretty okay. The ... it is, I think, commonly agreed that the difficulty was in the application of those principles and, in particular, the whole concept of a principles-based approach. I think, going back to my own opening statement ... where we need to get to is one where there is a more rigorous regulatory system, but we do, I would say, need to be sure that we don't fall into the trap of making that so onerous and detailed that it actually stifles the banks in their recovery in their future business.