Mr. Ed Sibley:

We have had well over 100 new authorisations and they vary from very small e-money payment institutions and investment firms through to larger insurance companies. Probably the biggest movements we have had in terms of capital, assets and employment have actually been in the extension of business rather than new authorisations. There have been expansions in a couple of the international banks, which are well documented at this stage.

To reinforce the Governor's point, what has served Ireland well in terms of being a location of choice, and it clearly has been a location of choice for those firms leaving the UK to provide services into the EU, has been the strength, stability and reputation of the regulatory and supervisory approach within Ireland.

Certainly, as a country that exports a large amount of financial services into the EU, that is absolutely critical. We will continue to see, and we will continue to strive, as with our European engagement, for more convergence and continued strengthening of the regulatory framework and how it applies in a consistent way across Europe. I do not see that the competition aspect is a fundamental basis for having confidence in the services provided out front.