Ms Francesca McDonagh:

Senior manager regime. Over here it is the individual accountability regime, IAR, or senior executive accountability. It is all the same. IAR or SMR relates to the same concept of holding individuals to account in banking. Senior bankers in the UK will have a statement of responsibility. They will formally delegate it to their team. That is a formal process and that delegation has to be accepted. It has to be very considered about people being qualified to accept that delegation. Then there would be an expectation that, as a SMR, one would demonstrate reasonable steps in the execution of one's responsibility. Reasonable steps would be the right reporting and the right governance, but also challenging, approving explicitly or not, demonstrating that one has done the checks, challenged oneself and that one has an assurance that what one is responsible for is happening as it should. That is the regime I operated under before I came to Ireland. It is a regime under which our senior team in the UK will operate. It ultimately increases clarity and the accountability of senior bankers. That is a good thing and absolutely consistent with what we are trying to achieve in our cultural transformation within Bank of Ireland.