Ms Derville Rowland:

The Senator will have to ask the banks what they think of the Central Bank. From working with the responsibility of leading a team that works in the public interest, we practise an intrusive, assertive and risk-based supervision with specific focus on the banks. Ms McEvoy has detailed a little how we drive a focused approach at the banks. Part of our approach is assertive, risk-based supervision supported by a credible threat of enforcement, about which I hope the Senator will see we are very serious.

If I may go back in time, it is true that the regulatory landscape was utterly different back then than the present landscape today. This is for the betterment of all of us. Responsibility for discharging their obligations to the customer rests with the banks, and the leadership of the banks is significantly important in setting the tone from the top. It is important that we are vigilant as regulators in making sure that we look at the conduct of the banks, look at the products and services that they design and sell to their customers, and scrutinise the way they sell to their customers.