Ms Niamh Davenport:

Every case here is investigated individually. To clarify, the €7.6 million for the second half of 2022 was for gross losses. It was not necessarily the full loss to the customer. On average, we are reimbursing 50% and 60% through recalling the funds. We have to err on the side of caution. Investigating each case is necessary. I am not saying no funds will be returned, but investigating assists with identifying the source of the fraud in the first instance. Second, it is very important to identify that if there is a vulnerable customer there, we can assist him or her in other ways. Automatic refunds do not allow for investigations. Moreover, the level of fraud in the UK is far higher than it is here and makes it a destination for fraud. While we are saying controls are good, we have to look at all avenues when it comes to fraud prevention. I would suggest that we should focus on fraud prevention and stop it happening in the first place.