"Even if we had taken it now it would not have counted as a factor in regulatory capital or balance sheet capital, " its spokesman said.

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Another factor makes higher regulatory costs likely in the future.

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Uncertainty about the growing regulatory burden is an important contributing factor to this uncertainty.

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Bair sidestepped a question as to whether this is a legitimate concern, saying that transparency at the regulatory level will be a key factor in giving industry guidance.

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But no factor was more important than the financial, legal, regulatory and trust environment that fostered relationships between ICBs and small businesses.

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