Mr. Edmund Honohan:

Yes, it does, and a soft law set of regulations will not secure that because it is inaccessible to accountability. I put forward some questions in my opening statement and I have added to them. I now have 20 questions. I was wondering to myself how I could best use my time here and I thought that the best way of doing this would be for me to assist the committee in interrogating the Central Bank. If the Central Bank is the body that will have to oversee or overview this material - and I do not believe the Central Bank wants to overview it - it needs to start thinking seriously about what yardsticks it will apply.