Ciarán Lynch (Cork South Central, Labour) | Oireachtas source

Let me summarise. It is not an allegation that a company has engaged in a criminal or negligent matter but the issue is that the prudential requirements vary from area to area. Because of the prudential difference, the exposure in one area is greater than in another. Both Mr. Casey and Mr. Sheridan say it is the issue of harmonisation across the European jurisdiction to ensure that it does not matter whether companies operate out of Malta or out of Ireland, that the Maltese as well as Irish citizens have good insurance coverage. Is the proposed harmonisation standard below, equal or above the Irish standard that is in place?