Mr. Kevin Prendergast:

Without getting into specifics, there were multifaceted failures across many different desks, so to speak, at the time. The single biggest difference now on this is that for anybody who is an auditor of a bank, as a bank is a public interest entity, we directly inspect it. Looking at the eight firms that we regulate, we are in them every year. We have teams in them pretty much permanently, as they would acknowledge, looking at both their firm-wide systems of quality management and a selection of their individual audits each year. We do that on a risk basis. From our point of view, as will be seen from the quality assurance reports we issue every year, we carry out pretty comprehensive reviews of the work they do. Broadly speaking, the results are, by international comparison, quite good in Ireland. We are definitely above the global average. Equally, and this will be seen from our reports but also from the enforcement actions we have taken, if there are issues, they get resolved promptly and effectively.