Mr. Brian Hayes:

It is a very valid question. As I said, we are a month into this. At one level, we are dependent on the exiting banks and their communications strategy that, in fairness to them, has been ongoing for some months now. We are at the start of this process. The regulator is doing what any good regulator should do, which is putting pressure on our regulated entities to make sure they live up to expectations under the customer code in the existing legislation.

The direct answer to the Deputy's question about whether there are more things we have to do better is "Yes". Four areas were identified in the meeting yesterday. One was around data collection and the question of greater alignment of data between the exiting banks and the remaining banks. Another job we can do better is around vulnerable customers and co-ordinating efforts more in that area. An enormous amount of work is going on at present, but there are industry-level engagements we can undertake for vulnerable customers who are really challenged by this. I fully get that. Even though more than 70% of customers may well be opening and closing their accounts digitally, many are not. There is more we can do there. The third area on which we were asked to concentrate was flattening the curve. The major challenge, to be frank, as we go past the summer into quarter 3 and quarter 4 of this year, is what the integrated plans from our members will be and making sure they satisfy the expectations of our regulator in this space. The fourth area was on our engagement with other stakeholders. We have been doing a lot of this work but, to the point we made in our submission, the DDOs are not part of the switching code. No bank can take money from somebody's account tomorrow if it is not authorised to do so. There are other players on the pitch we have to keep working with. We are open to looking at any and all suggestions from our regulator and others on how we can do that. The four areas identified yesterday were data, vulnerable customers, the flattening the curve argument and stakeholder matters.