Mr. Maurice Crowley:

The Senator raised a number of points. In some ways I do not want to give the wrong impression. The Senator's Seanad colleague also picked me up on this. At the end of the day the sector and individual banks are fully committed to the introduction of the SEAR. Like any other sector or trade body we will certainly look to influence it, but in a positive way.

On timing, the Central Bank has indicated to us that it hopes to have enabling legislation certainly in the first half of this year. It would then plan on issuing a consultation paper later this year or early next year. I presume that consultation paper will have a set of draft regulations. The Central Bank will set the pace here. We will certainly make submissions in an attempt to influence the outcome. Depending on one's definition, I think this will happen in an expedited manner. There is momentum behind the SEAR politically, legislatively and from a policy-making point of view. I cannot put an exact date on it, but I expect us to see a serious outline in the first quarter or first half of next year indicating how it will work and how it will impact on banks.