Professor Patrick Honohan:

It would limit it to what would be regarded as prudent. For example, when some bankers come into me and say, "We are thinking of coming into the IFSC" or "we have a unit in the IFSC and we just thought we would come and see" and ask about the regulatory situation or say they are happy or unhappy with it, I say, "What we provide here in the Central Bank is a service to customers of the financial services industry to have proper regulation. You will be regulated to the top international standards. That is what you can expect". Most of the credible firms say, "That is exactly what we want". It is only the people who are sailing close to the wind who are discouraged by that.