Ms Derville Rowland:

The fines have changed over time and it depends. This goes back to retrospectivity. The fines are now, I believe, 10% of turnover at its highest or €10 million, whichever is higher, but that came into effect when the law was changed. From memory, I cannot remember the exact year the change came in. Prior to that, it was €5 million. There are also disqualifications and other powers. There is another perspective to this, which is a very powerful tool, as the Central Bank absolutely believes transparency and publication is more important, or just as important. Not just in Ireland but throughout the world, if one speaks to other regulators or has discussions in other jurisdictions, it is often the case that fines are one dimension to measure what went wrong but reputation is very important. Transparently publicising in as much detail as possible the outcome of enforcement cases is a very important tool in achieving regulatory compliance within the institution that was the subject of the case itself. It sends a very important message across all of the institutions, not just in that area but in all of the other areas of the markets. The Central Bank of Ireland has committed completely to that perspective in its enforcement approach, in so far as we are able to within the confines of the law. After cases are concluded one will see all of the information we are able to put into the public domain about those cases. I believe there was a discussion at one of these hearings about one of those very cases. We put this into the public domain and it is a very important tool.