Mr. Terence O'Rourke:

Well, a couple of things have already happened. I mean, one of the things, I think, more dialogue with the regulator along the way through. I mean, we did report every year to the regulator as required but the new protocols now of the regulator are to meet more regularly to have dialogue with the regulator and to discuss ... make sure each side knew the other. The regulator is also constrained. In some meetings we did have with the regulator, the regulator was unable to tell us things. We'd tell the regulator something and they said, "We can't tell you anything back because we're constrained by confidentiality". Now some of those confidentiality rules have been lifted, so there's a more open dialogue now between regulator and auditor which, I think, is important.

A couple of other things, one is the going concern basis and the basis on which banks decide that they are a going concern, there is now agreement there should be extensive disclosures of what the issues the directors took into consideration when they're making those things. The guidance, for example, previously would have focused on liquidity and now it's very clear that going concern decisions should be based both on liquidity and solvency. Also, the previous guidance on going concern was more about a point-in-time, intermittent, "Are we a going concern today when we do our accounts?". And now the view is that this should be a matter of constant ... under constant attention by a company and they should be looking to make sure they're a going concern at all times. So, those things are helpful.

And finally, I would say in audit reporting, we now see that audit reports which are boilerplate ... they were beforehand, there was a lot of things we had to say but they were pretty much the same things we said to everybody. Now, auditors are required to identify the major risks that they have identified, so that in their published audit report to shareholders to say, "These are the things that we think could give rise to most risk of the accounts being wrong and this is why we think those things are the biggest risks." We also ... Auditors also use materiality, in other words, we don't audit every last penny because we'd be there forever if we .... so we take a material ... and make sure everything is materially right, whether the balance sheet is €100 million or €99.9 million, it doesn't make much difference but if it was €90 million it would be a big difference, so there's a materiality aspect and auditors now have got to disclose in their audit report what materiality judgments they use. And, finally, auditors have got to now to say in their audit report in a bespoke way what they've done in terms of the major risks they identified - so, what audit work have they done to work on the major risks. So, those are now published and are in the audit reports of public interest entities and are a new feature which was not there in the crisis. So, all those are helpful, I think, for readers----