Mr. Ed Sibley:

I echo the Governor's comments. It is not a substitute for regulatory action and will not affect how we approach it. I am sure it will not affect members' view from a legislative perspective. However, it is to be welcomed. It is, at least, a recognition of the need for the banks to do something. I have had a number of interactions with the UK Banking Standards Board on which it is based. That body is having a positive impact in the United Kingdom, but it is not a substitute for anything else. There is a lot of work the banks need to do on culture. There is a lot of work we have been doing for a little while and will continue to do. Part of the work to be done in the next six months and beyond will address the topic of diversity at board and senior management level in banks. An absence of diversity is a leading indicator and cause of some of the foremost cultural issues. It is welcome that the banks at least recognise that there is work to be done, but it is not a substitute for regulatory or legislative action.