Mr. Maurice Crowley:

Some of the Chairman's comments are unfair. When one looks at the behaviour and culture report and assessment that the Central Bank did, with much help from the Dutch Central Bank, which has expertise in this area, there were two sides to the stories told. It stated that all of the banks had already made a certain amount of progress to developing a customer-centred culture. It was recognised by the Central Bank and the banks themselves that there was more to do. I think the individual accountability framework is an important aid or catalyst to all of that, but just as important is the work that the banks will do in responding to those risk mitigation plans, RMPs, that the Central Bank has demanded of them, and what they do as an entity over the next couple of years. I do not believe that they are waiting for the senior executive accountability regime, SEAR, to arrive. I think that there is already pressure internally and from the regulator to change the culture. That is as important, if not more important, than what is coming from the SEAR.