Mr. Gabriel Makhlouf:

The Central Bank has essentially got four roles in the world of sanctions. To be very clear, sanctions are imposed at European Council level. The Central Bank is one of the three competent authorities in the State, the others being two Government Departments. As I said, the Central Bank's role is fourfold. We inform the firms that are regulated of the sanctions' existence. We maintain a register of assets that have been frozen, because there is a requirement to notify us. We consider applications for derogation, because that facility exists. Finally, where we believe or suspect there has been a breach of sanctions, we inform the law enforcement agencies such as An Garda Síochána. That, essentially, is the role of the Central Bank.

Within the European system, as I said, the actual sanctions are agreed at European Council level. The Central Bank has no role at all in the decisions made by EU leaders to impose sanctions. We work within the euro system broadly in line with what I have just described. The different jurisdictions have slightly different rules. A breach of the sanctions is a criminal offence. The framework within which the Central Bank operates is different from the framework applied to financial sanctions. It is a different world for us. I am not sure how much more I can say at this stage.