Mr. Des Carville:

I understand that. Following on from the commission report, the Central Bank of Ireland consulted on tiered regulation. The outcome of the consultation was that there is a wide range of views and tiered regulation means different things to different stakeholders. There is no consensus view on the issue. We agree with the Central Bank that business model development is not linked to tiered regulation. Officials from the Central Bank will appear before the joint committee later today and questions on this matter could be more pertinently addressed to them. What the Central Bank is trying to do-----