Moreover, it should be noted that the projections are based on the assumption that the recent dynamism in oil and non-oil commodity prices will diminish over the projection horizon, in line with futures prices. A further crucial assumption is that there will be no broad-based second-round effects on wages.
I fully share the concerns already expressed by Liam O’Reilly regarding recent revelations, and that any improper practices within the financial services industry in Ireland are totally unacceptable. I fully support the approach that is being taken to these issues by the Financial Services Regulator. The compliance environment I wish to offer a few words on the compliance environment.