Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

There will be a common rule book and common protocols which, in the first instance, will be directed from Frankfurt. There will be a common set of rules and protocols which, in terms of regulation, will apply to all banks. Some banks will be regulated by the domestic regulator, while others will be regulated directly by the European regulator. If I recall it correctly - I will check with my officials - every country must have a minimum of three major banks under direct regulation. In the case of Ireland, that means the main banks will be directly regulated.