Professor Philip Lane:

I will turn to Mr. Sibley in a minute. Whether it is here or elsewhere, probably the number one topic in financial regulation is IT. When Danièle Nouy was here last week or the week before, she probably made a similar comment. We think banks need to make significant investments. Cyber risk and cyber crime are increasing. There is a shift towards digital provision of banking services. During the crisis, many banks had to cut back on investment. The world is in a situation that is not very good with regard to managing all sorts of IT risks in the financial system. It is a big priority for us and other regulators. Mr. Sibley will address how we are handling this.