Ms Mary-Elizabeth McMunn:

I will add comments about consumer protection supervision and what we are looking to do. In recent years, we have increased the resilience of the firms within the financial system and the financial system itself. That is protecting consumers. Consumers are more protected if institutions are better capitalised and in better liquidity positions. We work with institutions on recovery and resolution so that, if they get into difficulty, they can recover and problems can be resolved without recourse to the taxpayer, and that is better for protecting consumers.

Speaking for my colleagues in the area of consumer protection supervision, we are very committed to increasing our scrutiny in that area of conduct risk and that is about embedding a consumer focus culture within those institutions. What does that mean in practice? Historically we have done sectoral-based work and will continue to. We look across sectors, or maybe at specific products across sectors, but now our intention is to look at higher impact firms in specific areas and conduct a model of firm-specific supervision on them. We have been doing that in the prudential area for many years. That is a slight change from what we have been doing and is heightening our conduct supervision.

We will also continue to challenge the banks and management in the context of a specific emphasis on behaviour and culture and taking the work that we have done in relation to the five institutions from last year and bringing it forward.