Professor Philip Lane:

It is an interesting issue. The EU 27 and the regulating community have been crystal clear that these cannot just be post boxes or front ends for the London operation to meet some legal requirements. It would be a dereliction of our duty to European citizens to say that the real power is in London and this is just a local shop or something like that. It does mean there will be substantial jobs here because the responsibility will lie here. We cannot have a situation whereby the Dublin office of a firm replies to questions by saying that it must phone London.