Ms Derville Rowland:

I took liquidity breach cases in the aftermath of the crisis to set benchmarks and markers. The first one was Irish Life & Permanent as it was then - R.I.P., I guess - where we did have liquidity breaches that deserved enforcement cases. There is consistent evidence to demonstrate enforcement cases back at that time. One facet of enforcement is the total commitment to public outcomes of those cases from the administrative sanctions procedure, and therefore all of the outcomes of those publicly available cases have been published. That is a very important thing. However, private enforcement such as cautions cannot be disclosed publicly. They are disclosed in aggregate form in an annual report to demonstrate that they exist in aggregate numbers but, on a case-by-case basis, they cannot be used. They are suitable for the more limited kind of severity of a breach where there is really no substance in terms of fundamental harms. I thought I would add that because I was probably in fact setting up the policies and procedures and taking these enforcement cases at the time in the broader set-up of the framework.