Mr. Gerry Cross:

The Deputy's description of how it is designed to work is right. The conduct standards, whether they be common or advanced, apply to all firms. That is in the proposed legislation. On the legislative measures on senior executives – covering the mapping and prescribed responsibilities – it is correct to say it is to be a matter of regulation by the Central Bank. We have said from early on that we propose that, in the first instance, the arrangements apply to banks, most insurers and investment firms that deal on own account or hold client assets, and branches of third country firms operating in Ireland. We have been very clear all along that this is what we believe the right first tranche should include. It is probably right. It captures a very large component of the financial services sector, and, going back to the idea of proportionality, it is probably the right cohort in that regard. It is envisaged that in the future, as in the UK, the arrangement will be rolled out more widely.

Deputy Doherty asked me about the new types of firms. As time goes on, they will be material players in this field. That is a matter we will have to keep a very close eye on.