Professor Patrick Honohan:

The Central Bank view is that there should not be any major overhaul to a system which is now working, even though there may be many deficiencies and despite the fact that we are not achieving everything we wanted to achieve. It is much better to improve the way the system works through the type of engagement and audit process to which I refer rather than throwing it out altogether and beginning anew. I forget what are the current targets but it was 50% at the end of quarter four. I think the proposed new figures are 70% and then 75%. They will increase further by the end of the year but we have not yet announced any final targets in this regard. That is the track on which we must remain. We need to improve quality rather than change course.