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

We have the same banking system throughout Europe and it is controlled and protected by the European Central Bank. The only difference that can arise is on the cost bases of the banks, because the interest rates are fixed at European level. It is up to the banks in the individual countries to fix their cost bases. We hope for a common banking system whereby the price of money throughout the Union would be the same, or within acceptable margins, rather than the position now whereby one can get ten-year German money for 1.50% or 1.60% while ten-year Portuguese money was 8% last night.