Ms Derville Rowland:

I thank the committee for the time to consult. In March 2016, the phase one plans came in. Those are the plans in which the institutions would have scoped their proposals to do the job. This was subject to scrutiny and third-party assurance regarding the reasonableness of the proposals in the context of the scale of the job in hand.

Nine institutions submitted their phase two reports, not in September 2016 but by December 2016. Two further lenders had to have a longer period in which to submit their phase two reports. I am told that was done subject to scrutiny of the reasonableness of that request given the size and scale of their job. They did submit their phase two reports. One was submitted in March 2017 and the other in June. The Central Bank will have challenged and checked, and it has completed on-site assurance work with respect to the two institutions involving the biggest zones of difference, and this work is ongoing for the balance of the nine.