Mr. Dargan Fitzgerald:

Well, I’ll probably confine my comments to the perspectives that deal with auditor-specific matters and the interaction with the Financial Regulator that auditors have. As I mentioned, an updated auditor protocol enables both meetings and other communication between the auditor and the Financial Regulator. I feel this is very helpful to the conduct of external auditing. I presume it is helpful to the regulator.

I had mentioned in my ... both my opening remarks and in our written statement that it possibly could be improved by being underpinned in a statutory way. At the moment, it’s a protocol issued by the Central Bank of Ireland and there is some thought that if it were underpinned by a statutory basis, it might be more reliable. And there is always the possibility that external auditors should have a right to report rather than the duty to report which they currently have.