Mr. Pat Farrell:

In relation to all accounts and products, there is a whole series of regulations and obligations that banks have to observe. They have to identify what the source of funds is in relation to the particular product the Deputy is talking about. It is not just a question of somebody depositing money with the bank and, because it is his or her money, the bank does not have to apply any scrutiny or any regulation. That is absolutely not the case. In fact, the bank has to apply a whole series of tests and regulatory scrutiny in order to fulfil its obligations. I would also point out to the Deputy that banks, where they are deemed not to have been in compliance or have failed in that duty, are subject to onerous sanctions and in some cases fines. Therefore, there is a huge onus on, and a very high threshold of proof for, the bank to be able to demonstrate clearly that it has satisfied all of its regulatory obligations and has applied appropriate levels of scrutiny when it is opening accounts, be they deposit accounts, borrowing products and current accounts. It applies across all products.