Ms Ann Nolan:

It is a function of government to develop the economy and a major priority of the current Government and, I think, of previous Governments is employment development, and there are in the funds industry alone, 35,000 people working in the funds industry in Ireland. So, you know, it is a major source of jobs for Ireland and a major and important area. However, for us to develop that, we need a strong regulatory system. I don't see the two as being in contradiction. I think if our regulatory system isn't robust, then that industry isn't secure, and the jobs in that industry is not secure. So, although I think for the regulator to have a job of promotion is inappropriate, I don't think it's inappropriate for the Department of Finance to have that job, and I don't think it influences our regulatory decisions because I think for us, we would see as a major policy issue to have a robust regulatory system, and that that robust regulatory system is necessary to develop the international financial services industry. I don't think they can develop against a background of light regulation in the modern world.