Mark Daly (Fianna Fail) | Oireachtas source

I thank the witnesses for their presentation. Ireland is in the unfortunate situation - and the Central Bank in particular - of suffering from a post-banking crisis stress disorder. Unlike other European member states, having gone through a banking crisis and regulatory issues around it, the human reaction is to over-regulate. That happened and was due to lack of oversight and regulations, issues with which the officials are well aware. As a result, we now are seen to be more cautious than anybody else.

How many applications, if any, has the Central Bank rejected?. My concern is that companies will not even bother to apply but will think Ireland is far too regulated at this time. When people do not apply, we do not know how we are doing compared with other countries. Is there an analysis of how many financial service companies in Britain have made applications to other European countries and whether they made multiple applications? Will they hedge, as they would in any other financial situation, and apply in Ireland, Frankfurt and Luxembourg? While I acknowledge the Central Bank does not have a role in attracting companies, the critical question - which is directed to Mr. Mark Cassidy - is whether, since the task force was established and especially since Brexit, the Central Bank has introduced reforms to make Ireland more attractive. That is the only thing the Central Bank can do that is within its gift. Has the Central Bank made changes to itself since Brexit to make it more attractive? If the Central Bank has not done that, that is of concern to members. If the Central Bank has not done it, is it planning to do it?