Joe Higgins (Dublin West, Socialist Party) | Oireachtas source

Okay, and can I further develop this point a little bit, Mr. O'Reilly? In his book, called Ship of Fools, the ... I think he is now deputy editor of The Irish Times, Fintan O'Toole, quoted the Industrial Development Authority, the IDA, referring to a flexible and business focused tax and regulatory system in Ireland, and then quotes directly the IDA as follows:

In 1998, the Regulator advised the banking licence regulations, its banking regulations, and it may now accept under certain circumstances applications from corporate entities to be licensed as banks. In the case of most group treasury and asset financing operations, the Regulator has disapplied its powers of supervision.

I'll repeat, "...the Regulator has disapplied its powers of supervision." Can you throw any light on what that means?