Professor Patrick Honohan:

It's a very long Act. One power, which I think could be important, is the fact that we can now in our administrative sanctions process, the enforcement powers, we can now impose fines of much larger than they were before, 10% of turnover rather than, you know, €5 million was an absolute maximum. So to the extent that that changes the environment and the threat level for a violation of the sanction. But, but for the large banks ... well, okay, and the other one I will mention is, a power that was used in the case of macro-prudential measures last year, the loan-to-value, loan-to-income ratios. I believe we could've used the old powers to do that, but actually we have used the new powers under the legislation to do that. So they're very specific. Nobody can argue that ... nobody is going to run off to court and say I think your exceeding what was envisaged in the 1942 Act, because the powers are very specific to do that.