Mr. Aidan Carrigan:

I appreciate that it was not an easy read and I was conscious of that when we were presenting the opening statement but the onus was to put on the table the facts as in the document and to introduce them to the committee. It has been a very complicated discussion and it is a complicated text and issue. The Deputy is right in saying the single supervisory mechanism is only one part of the key architecture which is made up of European regulations which are directly applied law, European directives which are transposed law, and European rules and technical standards which are developed by the European Banking Authority consistent with that law. Within that there is a comprehensive framework of rules to be applied consistently across Europe by a single supervisor.