Mr. Ed Sibley:

To be absolutely clear, there is no impact on our work as a result of the retail banks' announcement that they are to take similar measures to those taken by UK banks. What we have said is it is a welcome development because of their recognition that they need to do something to improve the culture in their organisations. The experience in the United Kingdom, on which it is modelled, is that it has had a positive impact. It has focused not only on what is happening at board and senior management level but also on the culture within an organisation and how staff are incentivised to behave. In that respect, it is a welcome development, but it changes nothing in our determination to ensure the culture within the institutions improves significantly and that this type of issue will not recur.