Mr. Edmund Honohan:

I am concerned about the Central Bank here. I will flip the coin. I am concerned that the Central Bank will be inundated with applications from credit servicers in Portugal, Belgium and so on to set up shop here. Those credit servicers might leave a telephone number with the Central Bank headquarters and tell officials that is the number on which they can be contacted. The Central Bank will say it does not have the manpower or skills to equip itself to regulate the Portuguese credit service market. There will be a regulatory arbitrage and people will go looking for the lightest touch regulation. I am afraid they are going to come to Ireland.