Ms Francesca McDonagh:

The individual accountability framework was recommended by the Central Bank to the Minister for Finance. We want to engage proactively with our regulator to see how that will be implemented in Ireland. It does not stop us from increasing accountability. Accountability is one our core key values so we are doing things in advance of that framework being established by the regulator. Many of the team have worked or work in the UK, and before I joined Bank of Ireland I was part of the senior manager regime when it was established in 2016 in the UK. What that meant was that senior leaders would have a very clear statement of responsibilities and what they were accountable for. There was no nebulous understanding of who was doing what in a bank. It was very clear that the SMR is where the responsibility would start and finish, and who that responsibility was handed over to was written down.