Mr. Gerry Cross:

That relates to the question of whether responsibility for the policyholder protection scheme should be borne by the host state or home state. In insurance, unlike banking, the cost is borne in the host jurisdiction, which is what we are seeing in the Setanta case. One could move to a different model in this regard. The Commission has considered and discussed this from time to time but there has been limited appetite for it in the insurance sector because there are such differences between insurance models. It is more a question for the political sphere than for the Central Bank to express a view on.

On the question of tracker mortgages, I am not briefed to address the issue in detail. The question of culture and conduct within banks and financial firms is a key issue for supervisors. It is something on which we can work together at European level. For example, in the context of the SSM, there have been quite important discussions on how culture may be effectively supervised within complicated organisations. These particular proposals are not specifically aimed at addressing that question. I have mentioned the consumer protection aspect. That is as far as they go in that regard.