Mr. Ger Deering:

I will restate that we have significant powers. When I meet my colleagues and look at the ombudsmen in this position across Europe, I see that some are elected by industry and some are funded by a voluntary organisation which the financial service providers can opt in or out of. That is not the case here. It is a mandatory scheme. Anything regulated by the Central Bank or the Competition and Consumer Protection Commission is covered and cannot escape our remit. We can award compensation of up to €250,000, and that is quite significant. There is no limit on redress. We feel that the extension of the six year rule for long-term financial products will be beneficial. We know there are proposals to amend that in the new legislation. We feel that being able to publish our findings will also have a significant impact. We welcome those changes.