Mr. Ed Sibley:

It is impossible to say with certainty that there will not be another case like that of Setanta. We operate within a European framework, where firms have the freedom to establish or to provide services across the EU. There is an increasing degree of convergence of supervisory practices and rules but there is still a degree of inconsistency out there. There are hundreds of firms that have the authorisation to provide services into Ireland so we cannot say definitively that there will not be another case like that of Setanta. We undertake active supervision in order that we can understand what firms operate here and, while we do not have prudential responsibility for a firm which is not incorporated in Ireland but provides services into Ireland, we seek to engage with European forums and bilaterally with the home regulator whenever we have any concerns.