Ms Derville Rowland:

I am confined to the detail that has been put into the public domain with respect to the enforcement investigation. The contact was to mischaracterise it, in our view. It subsequently transpired, in the course of a very detailed and forensic investigation, the facts of which are laid bare in more than 4,000 words in the public outcome we published, that Davy did not characterise it as we subsequently detected it to be. This was, in our view, a transaction that sought to put the profit and gain of senior people in Davy and their staff above their duties which are very explicitly laid down in the requirements for investor protection and market transparency in the markets in financial instruments directive, MiFID, regulations.