Mr. Bernard Byrne:

To provide a small bit of detail in that respect, obviously a lot of this developed and evolved after the crisis, but effectively we are required to have three lines of defence under the regulatory process. The first line is that the business has to have its own position around challenging risks. Then there is a second line of defence which includes the risk function. It also includes parts of finance as a separate and independent view. The third line is the audit function. Within the day-to-day operation of the business there are supposed to be three lines of defence, hence the commonly heard expression, "the three lines of defence model".

I may be slightly out, but at the moment there are 465 people in the risk function in the bank. It is a very significant function within the organisation, approximately 5% of the organisation. That is headed by a chief risk officer who, ultimately, has a reporting relationship to the board. That officer is part of the management team but has a separate designated responsibility relative to the board. As the Chairman has mentioned, the officer also has a reporting relationship with the regulatory process. The chief risk officer has many channels for expressing concerns about any positions she believes the bank has not addressed.