Mr. Tony Grimes:

I think that is to go too far, Senator, but there was a huge degree of reliance, I think, on the boards and the managements of the banks concerned, and that the focus of the regulatory activity, as I understand it, was on process, rather than looking at underlying activities and looking at fundamental risks. So there was a refocusing, I think, under the principles-based regulation. There was process, maybe at the expense of substance.