Ms Derville Rowland:

-----2013 but the increased fining power cannot be used for any breach that occurred prior to that date. Instead, one has to use the fining powers that were in place at the time the breach occurred. The fining powers from 1 August 2004 to 1 August 2013 had a cap of €5 million and involved several different fines. Under the new fining regime there is a ceiling of whichever of 10% of turnover or €10 million is the higher and that is the high-level consideration when one considers apportionment. On our website, we have published at a high level and in detail the factors taken into consideration in deciding the components of a fine. Those factors are the nature, scale and gravity of the breach, the demeanour, any rectification of the issue, whether the breach was systemic or on a large scale, criminality, how the breach was fixed and how the bank behaved in that rectification, along with any other relevant consideration. There are other factors. One considers in a legal sense the nature of the breach, the gravity of the matter, the impact on the public, the reputation of banks and the system, the bank's conduct in terms of whether it self-reported or was brought to heel over the matter and whether it did the right thing on a voluntary basis or by anybody it may have hurt. Those are relevant considerations in calibrating an appropriate penalty.