Clearly, accounting standards play an important part here, and I welcome initiatives being undertaken both at the IASB and the Basel Committee to improve reporting in order to reduce cyclicality. The restructuring of remuneration packages is another important issue related to risk management practices, and the re-alignment of incentives to prioritise long-term sustainability above short-term profitability is necessary.
Structure of Irish banking sector In the light of all that has happened, we need to examine the structure of the domestic banking system. When the crisis comes to an end the structure and shape of our banking system will be different. This is likely to be an international trend. In Ireland, the very existence of NAMA will in itself be central to this.