Mr. Gerry Cross:

We are very conscious of the high degree of concern about, and interest in, public liability, PL, and employee liability, EL, insurance. As I said, we are engaged with the cost of insurance working group under the Minister of State, Deputy D'Arcy. It is important in all of these situations to cut through the narrative or story to see what is actually going on. In the implementation of our mandates to ensure firms are running themselves effectively, provisioning properly, doing their business as they should be and treating customers fairly and in their interests, being clear about what is happening is at the heart of our approach.

The Irish Banking Culture Board is an initiative of the banking sector. As I said earlier, we regard it as a helpful development, but most important for us is what is happening within the banks and making sure that the banks are responding to the need to improve their standards, conduct and culture. We are focused on the framework we have put forward here as what we think is needed to drive that forward.

These other things are helpful, but we are focused on-----