Mr. John O'Beirne:

We have a centralised product development function. In terms of looking back over the past, we are trying to apply lessons learned and make sure that when we bring a new product to the market, it is grounded and we have gone through good, strong customer research, that we have thought about the risks around the product, including the risk of introducing or withdrawing it, and very importantly its benefit to individual customers. Whether they are patented or not very much depends on the type of product. For the most part, the core banking products we use in Ireland are not patented. What is important is that the regulatory framework and customer requirements have developed very substantially in recent years. In that centralised process, the bank tries to make sure it meets and surpasses those requirements because the interest of the bank is very much aligned to the interest of our customers. As Ms McDonagh said earlier, we will continually look to lessons learned to inform and develop that.