Enda Kenny (Mayo, Fine Gael)

London, too, is part of country that is a member of the European Union and, as the Commissioner pointed out, the regulations that apply under the European Union treaties will apply to London. Deputy Ross can put his fears at ease in that regard. This is important, both for confidence of investors here and for those who work in the IFSC. I met a number of companies with financial products in the IFSC in the past number of days and they are clear and happy that we are in this position.

With regard to Deputy Martin's question on paragraph 5, what is meant here is that if a country is above the required debt level of 60% of GDP a programme must be put in place to get back to that level in a series of steps and over a period of time.

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