Professor Philip Lane:

Under the legal framework with which we work, we are able to obtain considerable information from banks, including through on-site inspections of their files, on the basis of confidentiality. That is a universal principle of financial regulation. What is important, and this is not universal, is that when we take enforcement action and it concludes, we announce that we have concluded an enforcement action against a specific institution and we provide a narrative as to the reason we are fining the institution. We institute the administrative sanctions procedure not only against institutions but also against individuals. We have published the names of individuals in recent years in situations where we have a process concluded against them. We do publish once we have arrived at the appropriate time to do so. Legally, we cannot discuss the inside information of individual banks. The work of the committee is helpful in terms of assisting the public in understanding what is going on. Through its interrogation of the banks, the banks in their testimonies can disclose, but we cannot. That is the gap.