Ellen Davis: When did you officially take the helm?
In which areas of the Capital Requirements Directive (CRD) do you see the most potential for divergence among regulators at the moment, and therefore, the most scope for your role in trying to bring the different regulatory regimes into alignment?
I'm not sure we can assess the main possibilities for divergence now. We have a gradual implementation process. We have started with Pillar I because there are schedu