Ms Brenda McVeigh:

I suggest we would always monitor developments in regard to any draft directive that would impact on our financial institutions but first and foremost the Commission's proposal was not supposed to be introduced before 2014. Even if this proposal was introduced without any adjustments being made to it, there are so many unknowns in it about where the FTT would impact and on what type of financial instrument it would impact. It would have been difficult to have said that we would monitor how those transactions are occurring because we could not say today what types of transactions would be affected by the FTT as it is currently drafted.