Ms MaryRose McGovern:

It is fair to say that the solution may not be too far off because Banking and Payments Federation Ireland is working with the pillar banks to develop an instant payment app that will provide an alternative for customers, who do not want to be bothered with IBANs. They want to text money. This is in accordance with the perspective of the European Commission, which, in accordance with its digital action plan, wants to see a pan-European payment app so that if you are in Spain and I am in France, I can whizz you some money by way of a text. That is the direction in which we are going. From our interactions with Banking and Payments Federation Ireland, I believe there will be some news in terms of the progress on that later in the year.