Professor Philip Lane:

Let me make several responses. We can and do hold individuals to account. We have an administrative sanctions procedure. For example, a number of those involved in the running of INBS are in that process now. Even though someone might say that what happened at INBS was years ago, we have to persist. Where we believe there to be a case, we will pursue it. There has been a significant turnover in the banks. The current management is not the management that was in place during the crisis. We remain concerned about the banks even with their new teams in place.

In terms of the principles of pursuing financial penalties and individuals, the fitness and probity regime is a part of the process of holding individuals to account and shareholders care about the costs. There is a large bottom-line cost in the running of the operation, the redress and compensation and the fines. The financial calculations are not purely passed along. There is a cost to those involved in financing these banks.