Mr. Pat Houlihan:

I will just add to what has been said on the auditor rotation debate. The topic is live in a number of other jurisdictions, such as the United States and Canada. We have factored in the potential dislocation if a multinational has to take on a different auditor here. I have explored it with a number of people who know these matters a lot better than I do. They say that while it is a bit of an issue, it is not an insuperable one.

The topic is high up on the list in Canada and the United States. It is eminently possible that if the EU gives a lead on this matter they may follow us. Therefore, some people's philosophy is to dip a toe in the water and see what happens. The debate, both at the European Council and the European Parliament, is finely balanced. The parliament would possibly be more in favour of providing for rotation but with a significantly longer timeline involved. As Ms Hall has just said, however, that is the key tie-breaker question in all of these proposals.