Mr. Gerry Cross:

It is important not only to say it, but to say that it is expected at every level within a financial firm. It is not just a matter of telling them that they will be held to account, although that is part of it, but it also allows people within firms to hold each other to account so that they can say if they are not comfortable acting in a certain way or if they do not want to do something. It gives them a way of articulating those concerns. It will help.

If one looks back on the past ten or 12 years and considers the range of different bad events that have happened, either here or elsewhere, the issue of responsibility arises. It is said that the banks were responsible, or that things went wrong somewhere and it is hard to put one's finger on it. These proposals make things clear. It defines areas, and if people working in those areas do not take reasonable steps, they are accountable and responsible. I cannot say that certain things would not have happened if these proposals were in place in the past. However, we can say that we believe this will make a significant contribution to improving standards going forward.

The Deputy had a query concerning the Irish culture board. As Derville Rowland said earlier this week in response to the publication of this survey by the board, we believe it is a helpful, valuable development but it does not solve the problem. Culture and improvements in standards is something that the industry itself needs to get a grip on. This is one way in which this can be done, and we are supportive of that. It is part of the solution, and it is a helpful aspect. We believe that what is being put on the table now is a very concrete, sharp set of proposals. We have identified a gap that infiltrates the system in a number of different ways, and we believe these proposals will improve things. The culture board is helpful but we need to answer the question.