Mr. Colm O'Neill:

I want to follow up on what Mr. Forde said there. There was a lot of debate on the proposal about whether financial undertakings in credit institutions should fall within the scope of the CSDDD. It was one of the points that was strongly debated at the trilogues between the European Parliament, Commission and Council. There was a compromise reached at the end of that proposal.

The compromise was that the downstream part of the chain of activities of regulated financial undertakings, in other words, getting the finished product to the end user, would not form part of the CSRD but the upstream financial undertakings are obliged to adhere to the due diligence requirements. I do not think I have fully answered the question but I have tried to do so in saying the upstream part of the due diligence process will apply to financial undertakings.