Mr. Fergal O'Leary:

I am not suggesting that we do not have the resources to complete our insurance investigation but, rather, that the European Commission inevitably has greater resources than us, so will probably be able to conclude its investigation sooner. In terms of the legislation, we are aware that the Minister for Finance, Deputy Donohoe, has asked the Central Bank to look at the culture and behaviour of banks and to report on whether any additional consumer protection legislation is required. We support that review and would very much welcome the opportunity to contribute to it.

As regards general consumer protection legislation, we made the point in the statement that the Central Bank has the powers we have, in addition to which it has administrative fining capability and the ability to look at codes of practice and so on. In terms of consumer protection, we try to ensure that consumers have sufficient information such that they know where to go when they have a problem and we also try to shine a light on areas that have not received as much attention as others. For example, we are conducting a study on payment contract plans in motor finance and hope to publish the findings in January. That issue is worth examining from a regulatory point of view and it is possible that more consumer protection is required in that area.