Professor Philip Lane:

I am told there is one last issue which involves recoding of some programmes, which will conclude by early 2016. At the end of quarter 1, 2016, all of the issues that were identified that can be fixed have been fixed.

In other areas, there is a conscious choice that the bank holds itself outside of that code. In terms of the internal audit process, I take the opposite view of the Deputy. The message I take is that this process works. In terms of speed and so, we are expanding the internal audit team to ensure it has the capacity to deliver this year 40 internal audits. That is quite a lot of work and the bank is committed to it. We have no reason not to achieve the excellence we want to.

We fully support internal audit and internal audit projects will be fully respected. It is part of the bank we are fully behind. I do not see why we would try to damage the internal audit function.