Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

My final question relates to the once-in-a-generation opportunity that Brexit presents in terms of financial services. Do the witnesses have observations to make on how we have been doing thus far? We have had some wins and a number of significant losses in the form of wins that did not materialise, with other jurisdictions being chosen instead. Have the witnesses comments on our regulatory capacity to accommodate significant new entrants in different streams of financial services?

The Minister of State, Deputy Eoghan Murphy, referred to other countries potentially engaging in regulatory arbitrage, unfair regulatory competition and making promises that they might not be able to stand over and deliver upon, given that we are in a single European market with a single supervisory environment in respect of financial services.