I remind Senators about the reform taking place in the financial regulatory environment in Ireland. They will already be aware that a number of changes have been made to respond to the regulatory failures of the financial crisis and bring our system into line with international best practice. The Central Bank Reform Act 2010 created a unitary Central Bank with responsibility for prudential regulation, financial stability and consumer protection. The Act also introduced a fitness and probity regime for those working in positions of influence in the financial sector, including specific standards for those working in the insurance industry.