Ms Mairead McGuinness:

I will respond briefly. What the Chairman has just said is what I have said several times since taking up this position. People have to be at the centre of what I do here. The banking system relies on people. The idea of financial literacy is something I personally intend to pursue. I am glad to have spoken to an Oireachtas committee so it is aware of my interest in this. We spoke earlier about the sensitivities at present and the trauma people suffered in the past and, potentially, will suffer again in this crisis. I am well aware of that, perhaps because I have come through elections and I understand people and their position. We also need to work towards solving some of these difficulties and helping people to get help early rather than let a problem build up, which is what often happens. All of us have a responsibility to communicate, which I will be doing more directly next week when we launch our communication on non-performing loans. We need a financial system that is competitive and meets the needs of citizens. It is evolving rapidly. The Chairman mentioned the threat to jobs in banks. I am aware of this as well.

This is our first opportunity to engage and I welcome the comments. I have taken note of them. I am not 100 days in the job - I believe it is 60 days - so it is not too bad to have absorbed quite a heavy workload that was already in place but needs to be propelled further. However, I live in a rural community and I understand the issues that affect people. I listen more than I speak when I am out and about, if we ever get back to a place without masks. I will understand and convey the sensitivities of not just Irish citizens but all European citizens when it comes to their dealings with the financial system.

Finally, we need a financial system that works. It is vital for business and individuals. It is my job to maintain that and to make it work better. I hope I will have the help and support of elected members of all parliaments across the European Union to do that.

We are facing challenging times with the pandemic and a potential no-deal Brexit. We need to help our citizens and businesses through this difficulty. These are not easy times but I think together we can be effective.

I again thank the Chairman and all his colleagues who engaged in the debate.