Dr. Jim Stewart:

It is difficult to know what the issues are with section 110 companies and indeed other aspects of the operation of the IFSC. There is certainly a case that there is relatively light-touch regulation. That is a problem not just for the IFSC but also other countries as well, unfortunately. It is difficult to trade off various points that employment will be affected and certainly the IFSC employs people but there are also certain activities that are not very productive for Ireland or indeed for the EU generally. You can certainly say there could be much greater regulation but there are issues with regulation because Ireland is a small country and the IFSC is very large. It would cost a huge amount of money and you would need considerable legal resources to properly regulate all the activities in the IFSC.