Mr. Ed Sibley:

We focus on ensuring that as problems arise, consumers will be contacted and the problems will be put right, and that the customers will not suffer losses as a result of an ICT outage. We then ensure that the root causes will be addressed. The banks have had to catch up because there was a period of underinvestment. A great deal of money is being spent, especially by the larger banks, on ICT, partly to improve their infrastructure but also to improve functionality and meet their customers' expectations in that regard. On whether it is enough, we examine the wider European system and how much of their revenue base banks spend on ICT, and the Irish banks are approximately in the middle of the pack, although that might be not enough to catch up.

We are heavily focused on the issue and undertake numerous inspections as part of our ongoing engagement with firms. We have an auditor-assurance power, which we have used to give us assurance in the area, and have brought in skilled persons. We have done an enormous amount of work, representative of the risk, and will continue to do more because it is a growing issue.