It is worth noting at this stage that we very much valued the cooperation we received from the ACI when we attempted to clarify certain issues to market players at the time. Whilst many reasons have been advanced, and even a commission of enquiry established, to some extent those developments still remain unexplained.
But we should not forget that we have made quite some progress since the referendum in June 2016. At that time, Brexit and its potential repercussions were essentially a black box. Since then, both financial institutions and supervisors have put tremendous effort into better understanding and preparing for every possible outcome.