Professor Philip Lane:

There are two sides to that. One is revising the codes, for example, in respect of lengthening the period for renewal. That is broadly routine. We revise these kind of things all the time. The specific issue about the information database is that as it is not within our current powers, legislation must change. It is also the type of activity where we would require financing to do it. The question arises as to whether it could be from a levy on the industry or something else. That is being worked through at the moment. It is more of a mandate issue. Do we have the legal mandate to do it? It is fine to expand our mandate but we need a law to allow us to do it so steps need to be taken. Planning for that is in train. Work is ongoing to set that up.