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

I thank the Commissioner. I suggest to him that it should be a priority because if we are to have a full Single Market for financial services and at a time when all of the larger banks are being regulated directly by the Single Supervisory Mechanism, which is European-wide, it should be the case that all consumers, certainly those within the eurozone, should be able to avail of products being sold by banks that are regulated by the European-wide regulator. That seems perfectly logical to me. What people will want to know from the Commissioner is when he expects to see practical progress in respect of this issue because Irish consumers are paying way over the odds not just in regard to mortgage rates, which apply to residential customers, but business customers as well, and also in regard to insurance where, again, we do not have access to products that are being sold elsewhere in Europe. When does the Commissioner expect actual progress from which people will be able to benefit?