In particular, the development of capital markets has obviously impacted on our supervision of financial institutions: creating a single regulator gives us the opportunity to streamline notification and approval procedures for financial institutions undertaking such activity. This is something that we are now actively looking to achieve.
Let me conclude by highlighting what I see as some of the lessons arising out of our experience. First, creating a single regulator can benefit the industry, but only providing the regulator works hard at harmonizing the approaches of its predecessor organizations and internal processes, for instance creating single points of contact at the new regulator for firms. Merely merging organizations is not enough.