Mr. Cyril Roux:

Well, I don't think, now, there is a light-touch regulation at all. So, if they want to say they benefit from light-touch regulation, they are ... you know ... that would be a misrepresentation.

So, that's what I would say and I think, you know, soon after I arrived I ... representations were made to me by the IFSC and members of the IFSC that we couldn't regulate them in the heavy-handed way that we are regulating the ... the ... you know, domestic banks. And you know, I just shrugged my shoulders. It is no two ... it is not a two-track system; it's one-track system.