Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I have a final question for Mr. Crowley about SEAR which is another acronym for us. It stands for senior executive accountability regime. Mr. Crowley has made the point that we need to ensure it will not be introduced in a manner that will hinders the attraction of talent to the sector, or mobility and diversity within banks. I want to tease out this point while we are talking about the retail banks. There are other banks that focus on corporate banking, as well as internationally focused banks and asset management companies. There are also various strands of financial services and so on. Is Mr. Crowley saying that if the regime is overly burdensome, it will make it more difficult for the retail banking sector to attract and retain executives because they will have the option of moving elsewhere on the financial services landscape where the regime will not apply?