Ms Derville Rowland:

I understand the legitimate concern of all parties of the conduct of Davy because the enforcement investigation has caused a day of reckoning for Davy with respect to its governance conduct and culture, but this is not our first engagement with the firm.

In terms of our very inclusive supervision, Davy itself has confirmed that there has already been significant change in respect of its governance, risk management, compliance and controls. It has confirmed that external parties have reviewed that. That did not happen by accident. The Central Bank of Ireland uses the enforcement tool to complement our intrusive supervision. We have taken very strong action in respect of Davy but, of course, it will be a matter for it to account for its conduct and answer the questions here. We do not conclude enforcement actions until or unless we are satisfied that the issues complained of have been repaired. Davy has made a further announcement today where it has confirmed that further external review will be undertaken to resolve any matters. It appears to have put the trust in the firm in issue and it will have to take the actions to address that.