Mr. Patrick Neary:

Yes Chairman, I think you could consider that the authority was independent, it had its own ... the authority was the authority, it consisted of ten people, including the chief executive, we had our own chairman and we had responsibility under the law for the micro-prudential supervision of institutions. The Central Bank, on the other ... the structure that was put in place meant that the authority had to use the services of the Central Bank, for activities such as HR and IT and economic services. They were called central services, we shared those but the reporting line for those was into the Central Bank, into the board of the Central Bank. When it came to ... when it came to systemic risk, if you will, or yes, I suppose, call it as systemic risk or financial stability, that was clearly in our view the responsibility of the Central Bank. We were obliged to contribute to financial stability, in the Financial Regulator, by doing our job which was trying to maintain the financial soundness of the individual entities.