Mr. Colm Kincaid:

We are starting into this process now. As the Deputy said, it will be done through a period of phasing, so the migration of accounts will be phased over time and we will be observing that very closely and scrutinising it. The reason I started my earlier remarks by referring to the responsibilities the departing banks and the remaining banks have to their customers is to deal precisely with that concern the Deputy is talking about. It is important that we get started. The phasing approach is to be welcomed. As the requirements that we have placed on the institutions come online, and as we see the behaviour of consumers and the choices that consumers make as they get these letters, and they are being given several months to act on them, we will see the progress that is made. It is important that we get started and that we work our way through this.

As I said, we are very clear in our engagements that the departing banks have obligations to the customers that are with them and will continue to have those obligations until those customers are properly migrated to new locations.