Mr. Colm Kincaid:

Our supervisory approach is to constantly target areas where we think improvements can be made. All across industries and practices on any given issue, there will be areas where we want to see improvements. Reporting and the manner of reporting are matters we will take up with An Garda Síochána. We will, to some extent, take its lead because the important thing is that the information gets to An Garda Síochána. If An Garda Síochána is happy with a particular form of reporting and is satisfied it is getting the information it needs, we do not have a particularly strong view about it is done. It is not provided for. The justice legislation is a bit loose on how some of the modalities of this work so that is an area we have targeted. There are others. We are always facing that challenge.

When the Deputy talks about consistency, we would like to see consistency but we would like to consistency in best practice. Sometimes it takes time for best practice to be found. What we sometimes find is that we need to understand the position on the ground, which is what Mr. Murphy's team spent time doing, because you want to understand what the best approach is and then get consistency around that. We sometimes find that enforced consistency becomes the lowest common denominator. We would have seen the interventions by the Central Bank on the supervisory side to get firms the necessary investment in their technology and fault prevention mechanisms. Some firms have done more than others. They are taking different approaches and have different forms of alerts for consumers. One could step in say that we want them all doing the same thing all the time but sometimes there is a benefit in firms taking differentiated approaches. Reporting to An Garda Síochána may not a good example of it. What we want to see is that firms have a strong and plausible answer for us as to how they are meeting the expectations we have set in the standard we require them to work to. Mr. Murphy and his team will hold them to that sort of peer analysis. I hope that paints the picture.