Mr. Gerry Cross:

Yes. To answer the first question, as I mentioned in response to Deputy Doherty's question earlier, it is very important in this context that the financial services industry does not think that the Central Bank will take it by the hand and check its work every step of the way and lead it step by step along the way. This proposed Bill is about bringing the culture, governance and approach of the financial sector and its firms up a level. Crucial to that is that it takes responsibility, that it takes the view that it is for firms to get matters right in the first instance. Having said that, of course it is the job of the Central Bank, as the regulator and supervisor, to ensure that firms are doing so and to supervise them in a way that we are comfortable with and that makes us confident that they are meeting their obligations and what is expected of them as they should. In terms of the maps and the statements of responsibility, they will come to us and we will have regard to them and they will be part of our supervision of a firm. They will be very helpful part, frankly, because they will give us a very clear basis upon which to engage, consider and involve ourselves with a particular firm. I hope that answers the Deputy's question. They will come to us, we will use them and have regard to them, and make sure that they are doing it properly. However, it is not the case that the firms will submit and expect us to advise as to whether they are right. It is about the firms taking responsibility for themselves.

On the issue of a directory, that is not something that at this stage forms part of the proposed Bill. It is something that could be considered. I do not have a strong, clear view on it.