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

All functions not within category 1 will be delegated to the domestic regulatory authorities, but they will have to regulate by the same set of rules and protocols. Also, a fail-safe mechanism provides that if the authorities in Frankfurt are worried at any point about a particular bank, they can override the domestic regulator and come in and take direct control of the regulation.