Ms Gráinne McEvoy:

In response to the first part of the Chairman's question, on many occasions over a number of years, we have undertaken thematic inspections of how firms in different sectors, including the insurance, intermediary and banking sectors, etc., are dealing with and handling complaints. It is an integral part of conduct supervision. We have published findings on the outcomes of those thematic inspections and those findings will be in the form of a "Dear CEO" letter, which would send a wide message across a sector as to our expectations and findings. Notwithstanding that the firm may not be subject to the specific themed inspection, all firms must adhere to and comply with our findings as a result of that work. We would also pick up any issue we might have with the firm specifically and that would be on a confidential and bilateral basis.

In response to the Chairman's second point, we have always acknowledged complaints that have been received from individual consumers. As I mentioned at the outset, we look at things at a system-wide level and we obviously cannot comment about engagement we might have with a particular firm because we are bound by confidentiality. However, we would use the intelligence provided by customers to paint a picture of a firm's overarching compliance. If we saw trends emerging or that the complaint in question was a part of a wider issue within a firm in terms of ineffective procedures or controls, poor claims handling, in the case of the example the Chairman gave, or poor customer support, they are matters on which we would engage directly and bilaterally with the firm. We are bound by confidentiality and, therefore, it is not possible for the Central Bank to comment on its engagement with individual firms.