Ms Seana Cunningham:

We very much welcomed the legislative change in that regard in recent years. The Central Bank was given new and very helpful powers under the Central Bank (Supervision and Enforcement) Act 2013 and we have used those powers. In the administrative sanctions procedure, entities and individuals are legally represented, as they ought to be. We are committed to conducting investigations and, where we find suspected breaches, to taking matters through our administrative sanctions procedure. When those matters do not resolve by way of settlement, the Central Bank holds an inquiry. It is currently holding inquiries into three persons formerly concerned in the management of INBS and two persons formerly concerned in the management of Quinn Insurance. We are very committed to using our powers and to holding firms and individuals to account when appropriate.