Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

It does not have any impact on what Michael Somers was talking about. After the financial crisis in America, banks pulled back from various parts of the world. One set of advice will tell one that it was part of the shake-out of the banking system. People pulled back from Dublin, as they did from other financial centres. Others will say that when the pendulum of regulation swung from soft touch regulation, it swung too far, too fast, and that there is now over-regulation in the Irish financial system. I am not sure whether that is true but it is something that is repeated by people in the industry. It is something we have brought to the attention of the Central Bank. I do not think anyone would criticise anybody after what happened in Ireland for being extra diligent with regard to regulation. It is not a great space in which to make an argument. There is obviously a mean point where regulation is the best to be found anywhere, without affecting business. The discussion takes place in that space, but it is nothing to do with the financial transaction tax.