Mr. Seamus McCarthy:

It must act within the law and the expectation would be that everything it does is within the law. There are two sets of external auditors of the Central Bank. RSM Farrell Grant Sparks audits the financial statements of the bank on behalf of the ECB. As such, there are streams of reporting. We also carry out the audit and co-ordinate our work with the work of RSM Farrell Grant Sparks. So that there is no unnecessary duplication, we satisfy ourselves by looking at its working papers in certain areas for the purposes of our audit. Similarly, it looks at our working papers in regard to particular areas and, if it is satisfied, rely on it. There are two streams of reporting.