Ms Derville Rowland:

The Central Bank put a lot of effort into working with the Legislature to obtain the new sets of powers in 2013. It is not a matter for us to draft them in the final analysis. However, we certainly made significant and extensive suggestions for regulatory and supervisory powers to ensure that the regulatory framework in the future would be comprehensive with a strong set of powers, and that was done.

It is not for the Central Bank to opine on whether it is permissible at all, pursuant to law, for a new power with a punitive aspect to it to operate retrospectively; it is a matter for the courts. They have made very clear decisions about that type of thing. When new powers of that type come in, that is the situation. The courts have made the decision about that.