Mr. Ed Sibley:

In the case of those firms which are focused on the domestic economy, the factors to which Mr. Flynn referred are definitely at play in terms of our thinking and making sure they have considered them robustly, as well as the potential impacts and making sure they can survive the plausible stress associated with them. Some of those firms are directly connected to the UK, have exposures to the UK or are linked to businesses in the UK and therefore need to think very carefully about that. We are pressing them to do so.

In terms of our thinking around the deepening or increased complexity of the financial services system in Ireland, we are acutely conscious of the legacy of the crisis and the impact it had on the State. We have learned a great deal in terms of our ongoing supervision and the intensity of that supervision. We are also thinking about it from a resolution perspective. As we consider things from the perspective of individual firms in terms of new entities or materially changed entities, we are thinking about how they would recover or be resolved if they got into trouble. Systemic risks are associated with some of the more complex activities coming into the State, whether it be investment banking, broker dealing and so on. We are very alive to the risks and thinking about them from the perspective of individual firms and a system-wide perspective to make sure the lessons learned from the crisis are not forgotten.