Professor Philip Lane:

There are multiple levels to this. The shareholders in these banks will be following up on the costs of dealing with this issue. We have enforcement investigations which include both institutional and individual angles to them. As Ms Rowland said, for the future and as part of a politically acceptable regime, we have heard repeatedly about accountability. The accountability of individuals would be more extensive under this senior manager type regime where responsibility has to be fully accepted by those leading these organisations, even if they may not be personally or directly involved in some cases of mishandling. If one is responsible for an organisation of tens of thousands of people, one needs to be accountable.