Mr. Gabriel Makhlouf:

I want to emphasise that is not our job. Our job is to safeguard financial stability and the reason that is our job is because safeguarding financial stability is ultimately in the public interest and ultimately protects consumers. I do not see a conflict in that. As I said, the different regimes exist in other parts of the world. The country I have just come from and worked in, namely, New Zealand, had a different organisation that was responsible for consumer protection. The governor of the Reserve Bank of New Zealand, who is my opposite number there, was also focused on consumer protection even though it was not in his mandate. Yesterday, similarly to us, he made an announcement about the macroprudential framework in New Zealand. I read his statement and he spoke about protecting consumers. There is no conflict in this. The leadership of the Central Bank, as represented by the four of us here, does not see a conflict. We put consumer protection at the heart of everything we do, whether we are responsible for prudential regulation, as Mr. Sibley is, or whether we are directly responsible for consumer protection, as Ms Rowland is.