John Paul Phelan (Carlow-Kilkenny, Fine Gael) | Oireachtas source

Okay. This is my final question. On the website, still, of the Department of jobs and enterprise, as it is now, when I was preparing for this I found a speech, or a press release of a speech, that you gave in 2002, 12 September 2002, at an event ... a breakfast event in a hotel in the IFSC, and I want to put a quote from it to you:

15 years after it started, the IFSC is fully on the world financial map. I would like to see if we can give a renewed public-private push to bring [international] financial services to a new level in Ireland. Let's renew the energy and commitment on all sides that got us this far. The new financial regulator ... will help give a boost, as we already see in the Chairmanship in Brian Patterson. There is a lot more we can do together. So let's set our sights high.

I want to ask you, what did you mean in terms of a boost? And, secondly, we've had a few witnesses that have outlined the clash, if you like, between the two roles of the regulator, regulation and promotion, that existed under the legislation. And you seem to be indicating, if I'm not ... if I'm correct there, that the role of the regulator was almost equally important in terms of promotion.