Ms Derville Rowland:

The Central Bank takes its responsibilities seriously and we are engaged in very live supervisory work on this case. We will discharge all of our proper responsibilities. As a general matter, the Central Bank takes very seriously its responsibilities in regard to ensuring that people who work in firms are fit and proper. In the authorisation of firms, there are certain criteria we have to consider and certain criteria in respect of shareholding ownership that reach thresholds with specific factors. All of that is set out in a legislative scheme and the Central Bank will discharge its obligations fully and properly.

There can be cases where firms are part of a wider group structure, some parts of which might not be regulated in financial services. It might have unregulated business and there may be shareholdings to do with that. That is outside of our scope, but we will take our obligations seriously, as we do and as we have demonstrated by following through on this action and holding Davy to account in public.