Mr. Edmund Honohan:

May I draw the committee's attention to question 20 on the list I have provided, which is quite important? Does the Central Bank accept that its liability shield must be disapplied if EU law is effective and judicially protective? If the Central Bank states that although it is the regulator, it cannot be sued, it leaves us in a situation where EU law is not applied. There is no accountability or satisfaction. That will sound alarms in the Central Bank. It needs to know that its shield against liability, which is standard for all regulators, will go if it takes on the role of hard-law regulation under the new directive.