Mr. Aidan Carrigan:

We have had that debate in a national context as well as in connection with the ECB and the response is that there will be parliamentary oversight of this ECB supervisor. The text, which was agreed at Council level, provides clearly that the supervisor will report to the European Parliament as a European institution under European law and will also report to Council. In the negotiation the Council members provided a specific requirement for a report to national parliaments because the actions of the European Central Bank will have a national impact. The oversight will be at parliamentary and Council levels.