Mr. Ed Sibley:

To be clear, where we identify breaches - whether through our own work, whistleblowers or some other means - we take them incredibly seriously. We have a robust approach to enforcement. Our entire supervisory framework is underpinned by the credible threat of enforcement. I think I am right in saying that since the crisis there have been more than 100 enforcement cases.

On the number of breaches that one would see, whether by oversight which might be small and momentary at one end through to very serious breaches which we have spent a lot of time talking about today, we cannot take enforcement action on every single one. We take a proportionate approach to the breaches which are most serious and warrant public sanction and our whole supervisory framework is underpinned by that. We have teeth and we use them. In this circumstance, the issue was thoroughly investigated, not once, but twice. We will come back to the committee with a comprehensive response in terms of -----