Seán Fleming (Laois-Offaly, Fianna Fail) | Oireachtas source

I have, and with the Greek regulator and the regulators in several countries. The essence of my problem is that if any of the main Irish banks want to bundle off 10,000 of their troublesome mortgages and put them on the market, and a regulated institution in Spain, Portugal or Greece buys them, we have a reciprocal arrangement that as long as they are regulated in the EU, we accept their regulation in Ireland. However, they are not regulated in Ireland. We just recognise their regulation. I am not happy that, in this situation if there is an exclusive arrangement, the only regulated entity dealing with Irish customers and taking Irish mortgage holders to court might be unregulated, and the only regulated institution in the system might be a bank in Spain or Portugal. I hope I am wrong.