Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

Well, I mean, it wouldn’t be possible for a central supervisor in Frankfurt to supervise the multiplicity of banks there are across Europe. So there would have to be a delegation of authority to local central banks. And so it depends on the really ... the value of the banks or the capitalisation level of the banks and I think it’s sufficient to do what they’re doing. But there are other areas as well, I mean the Central Bank here supervises the credit unions, for example, and there’s a regulator of credit unions who works from the Central Bank so there are different layers of it but the Frankfurt people have only just begun what they’re doing this year and we’ll see how it works out. But so far so good and it seems to work well and I’d have confidence in it.