Mr. Aidan Carrigan:

As this is structured, all ten non-eurozone members have an option to opt in. In Ireland's approach, we were very keen to make it as attractive as possible for non-eurozone members to opt in and the text has been structured in that way to try to facilitate as wide an application of the single mechanism across Europe.

To answer the Chairman's specific question, from the outset the United Kingdom has made it very clear that it sees this as a very good development for Europe but that it will not be participating in it and it would prefer to continue with its sole supervisory arrangements.