Mr. Maurice Crowley:

I am not sure what the point was there. Obviously, as the Senator said, there is responsibility to the senior executives. Coming out of SEAR, there will also be accountability for non-executive directors. Nobody is resisting that at the end of the day. Notwithstanding the efforts one has to put into preparing for a board meeting, it is very clear now that the responsibilities of non-executive directors of a bank board without SEAR are much more significant than they used to be. The expectations of those non-executive directors from the Central Bank of Ireland, the European Central Bank, and the joint supervisory teams that come to Ireland to inspect these banks has significantly increased over what it would have been a number of years ago. They are expecting a level of expertise. They expect evidence of review and challenge of individual decisions made at board level. My point was slightly more technical. That clear and present requirement needs to be married with the legal collective fiduciary responsibility a board of directors has for the running of a company. They are not incompatible; it just needs to be managed and resolved.