Professor Philip Lane:

It is way too early to tell. The regulations, by and large, are European in nature. There is not a huge amount of variation in the regulatory regime across Europe. For banking, it is imposed because the single supervisory mechanism of the European Central Bank is the decision maker. The Senator referred to recent examples of other industries.

There is a degree of variation in the interpretation of these rules across the system. By and large, however, there is a big effort to ensure there is not too much variation. Over time, we must see what happens. Dublin is being looked at by many institutions. Let us see where the final decisions are.