Moving on to accountability, under the new arrangements the board takes on an executive role rather than acting in an oversight capacity, which is common with non-executive boards. So we question under the rules of Gotham City, the new rules, whether governance is actually at the forefront of what is being thought about. This is a fundamental change to the model of decision making in respect of prudential policy and oversight of deposit takers and insurers. The proposed model relies heavily on finding suitable candidates to operate at an executive level on the board, and these people are hard to find with global views and simultaneously being able to understand what's going on in New York and Frankfurt. Given the important role that the Reserve Bank plays in setting the country's economic settings, ACT considers that Parliament should have a greater degree of oversight over the monetary policy remit and funding agreement.