Mr. Gabriel Makhlouf:

I will make one point, which is that the FSPO works under a legislative mandate that is "owned", if I can use that word, by the Department of Finance. The Central Bank works under a legislative mandate that is partly owned by the Department of Finance but largely owned by the European system.

If the Deputy is asking about who is responsible for the legislation, the Central Bank deals with regulations. The FSPO works within its mandate and comes to judgments about its legal powers, but ultimately it is all determined by the legislative framework that different Departments-----