Mr. Lorcan O'Connor:

I certainly believe that the role of the ISI, particularly in this set-up phase, includes ensuring that we deal with all of the various stakeholders in the process. Obviously, we have been discussing matters with the IBF, at representative level, and the bank, on a one-to-one basis, in order to ensure that they are operationally ready for this process. The banks will be obliged to meet various challenges such as training their staff and putting IT systems in place. They must also ensure that they will approach proposals which might arise through PIAs in the way envisaged. The way in which it is envisaged is that they should assess the merits of any case on a stand-alone basis, rather than approaching it with any predetermined misconceptions or-----