Ms Brenda McVeigh:

On that, with the development of a directive you have got 27 member states sitting around trying to reach consensus. If you look back at how a directive is developed, there is always going to be compromise in that. It is not always going to be what is necessarily in Ireland's best interests. There is going to be that when it comes to transposition. The only time transposition comes into play anyway is with a directive and the PEPs will be in a regulation, actually, so there will be no discretion with it. There is flexibility with the transposition of a directive, as I am sure the Chairman knows. There might be something that sets out why a given member state, including Ireland, would transpose in a certain way but as I said, that is a negotiation itself in the development of the directive itself. I can only speak from Ireland's point of view and from my time being involved in this, but there may be something particularly controversial we think Ireland is going to have to get into a big compromise on, like for instance when we were pushing very hard back with the Commission in development of the trusts beneficial ownership framework. We pushed extremely hard at the highest levels of the Commission to get something in place there that would suit Ireland. We certainly would speak to the Minister and set out very clearly for them why we think we need to do this but the Minister takes the decision if we are going to go back into any kind of dispute, let us call it, with other member states or with the Commission on those provisions.