Mr. Gabriel Makhlouf:

There are different models around the world. My view is the smaller the size of the country and economy, the stronger the case for coalescing those functions in a smaller number of entities. Specifically in the case of Ireland and the Central Bank, my view is consumer protection is strengthened by bringing it alongside prudential regulation. If one takes banks as an example, the leadership of a bank is responsible for maintaining the efficiency of the bank itself and making sure it is adequately capitalised etc. That same leadership is responsible for setting the culture and behaviour in its interactions with its customers and with consumers in general. The same leadership looks at both components. It makes sense, therefore, for the Central Bank, which deals with that leadership, to also have both of those functions together because it enables us to deal with one group of people because we understand the way they work on their prudential regulation and we understand the way they think about consumers. It is probably better for consumers in Ireland that these matters are brought together but I completely accept there are different models around the world. Whether those models work or not is a question the Deputy can ask the-----