Ms Derville Rowland:

The Governor is right. Any organisation should always look at itself and ask how it can improve. We will report publicly on this issue.

We are going to report to the Minister at the end of March about the continued progress on this. We have been mandated to undertake the culture review of the banks, which will result in a thematic report. As part of that, we will look at the culture and behaviour of the banks and as a consequence, part of that report will be a public articulation of the risks that this presents to customers. Another layer of that report will be to look at any recommendations for action arising out of that so that we can minimise or ensure that we address those risks. If at that stage, we also need assistance by way of legislative improvement or reform, that is another layer of that report. Separately, it was always envisaged by the Central Bank. We keep saying it but it is true. It is a seminal piece of supervisory work with respect to consumer protection and it is right that separate to this, we produce a public report at the conclusion of this drawing all of this together into one place. We have produced a lot of public information on this matter at intervals but it was always our intention to draw it together at the conclusion of this and produce a public report. We will do that as well at the conclusion and that will be after the culture report - perhaps at the end of the summer. As long as we do not hit any road bumps, one would expect that to happen so there is a significant amount of reporting that we will undertake on this issue.