More fundamentally, the supervisory perspective of the Federal Reserve has been refocused by modifying the scope of consolidated supervision and by coordinating much more closely the supervision of our largest financial institutions. In the years preceding the crisis, supervision of bank holding companies was principally focused on protecting the commercial banks within a holding company.
First ‒ and I have been asked this question in respect of other programme countries that have faced similar situations in the past ‒ it is very difficult to look at a reality that existed four, five or six years ago with today’s eyes.