Mr. Edmund Honohan:

Yes. It is just a transposition. The wording used would perhaps be reflective of the content of the directive. Usually speaking, it is done word for word. Sometimes, they come across a difficult one. I started off dealing with the optionality issues. A directive can have optionality. That is a kind of contradiction in terms because the EU is saying that it must be done but then it goes on to say that maybe one thing or perhaps another can be done. That is a matter of legislative policy. If a directive from the EU says that we can do this, that or the other, then a policy decision has to be made. I do not believe the Minister of Finance, the Ministers with responsibility for industry or commerce or some other designated Minister can say "I make the decision on that". It should come to the Legislature.