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

The three main banks in all countries will be directly supervised, but the ECB will obviously build a relationship with local banks also. How it will recruit and where it will establish the regulatory personnel are not clear. We do not know whether people will fly in from Frankfurt or whether a cohort of people will be housed in our Central Bank. I am not sure how the logistics will work, but I am providing the legal theory of what will happen.