Ms Derville Rowland:

A key area of concern for us as regulators is the resilience of the banking system, and its IT infrastructure has been, is, and will be, of critical importance more and more with digitalisation. The Single Supervisory Mechanism, SSM, the prudential regulatory authority, is a key priority focus and we certainly think the Irish banking system has considerable work to do to make continued need for progress in this area. Recent events have come up through a number of banks. There is more work to be done. It is not at the standard we expect. There were consumer-facing issues and clearly they should not have happened. Customers are entitled to expect continuous reliable service, but it is also fair to say that millions of transactions a day happen in Ireland in the banking system with no problems arising. We want to have confidence in our banking system to work for us but more work is to be done. In Europe, there is a continued and ever-increasing focus on this with more regulation with the Digital Operational Resilience Act, DORA. It is a new area of focus because all big businesses run on their IT systems and most businesses interact with their customers in a digital interface. It is more and more important.