Mr. John Palmer:

One of the documents issued today by the Commission regarding the successes of PSD2 states that in its estimation, secure customer authentication has helped reduce fraud by nearly 50%. As the policy Department that negotiated that and transposed it, that is an extremely helpful policy improvement. Only last year, we did the retail banking review. This made a large number of recommendations. In the area of consumer protection, we made various recommendations addressed to the Central Bank. As the Deputy is aware, the Central Bank is undertaking a very wide ranging review of its consumer protection code. We want to see a lot of changes in there that will help customers be treated fairly and hopefully help reduce fraud. We can only sell the policy framework. The Central Bank has its own work on policy to do in terms of the consumer protection code and other measures it can take to help reduce fraud.