Rose Conway Walsh (Sinn Fein) | Oireachtas source

It is not and the people who have suffered as a result of the crisis and what the banks did in this country know that it is not cost free.

The committee will soon deal with the markets in financial instruments directive which shines a light on many of the darker areas of financial services. In November a Russian bank defaulted on $500 million worth of loans made through a Dublin office. The IMF and the Financial Stability Board have warned about our exposure and there was some commentary on the issue in yesterday's edition of The Irish Times. Lawyers, accountants and bankers generated €284 million in fees from hundreds of special purpose vehicles last year. The growing use of such entities by Russian groups has come into sharp focus as investors track risks related to US sanctions. Are we creating trouble for ourselves by marketing Dublin as a hub for shadow banking?