Ms Jacqueline Thornton:

Let us stick with that then. I will take it from the view of a company looking at Ireland's regulations. What is important for any company when it is going into any new market is the level of predictability and transparency in that market. What does it mean for operating their business model day to day? What do they need to do in their relationship with the regulator? The regulator has different categories of risk and will check whether the company is high, medium or low risk. It is very important to have this level of transparency from the regulator. Leaving aside legislation and from a pure supervisory perspective, a company that wants to do business in this country should know what to expect from the regulator. A high-risk firm should be told the regulator will have a team whose job it is to speak to it on a fairly regular basis. It should be told it will be included in all of the information requests. It should be told the approximate levies for doing business and that these may change if the business model changes because the risk model will also change. It should be told what is expected from it in terms of meeting the regulations. There should be a little bit of clarity around expectations, communication and transparency.