Gerald Nash (Louth, Labour)

That is a nonsense, in my view. The point about the primacy or otherwise of the preamble, paragraph 88, is important because little weight or consideration has been given to that. My own view is that there is an obligation on the Central Bank to do that but it has not. Rather, it selectively quoted its technical responsibilities, if I can put it like that, and its requirement, as it sees it, to approve the prospectus.

Is Dr. Nuseibah aware of any cases of central banks in other EU member states where they may have decided not to renew or to cancel a prospectus in respect of the sale of bonds for a non-EU member state and where any legal action was taken against them for doing so? I am not aware of any, but it is a matter we should all explore.

There are one or two other points that I would like to make more generally. Dr. Nuseibah made an important point towards the end of his contribution about the potential risks and liabilities to the Irish Central Bank in this regard. Could he elaborate a little more on what they will be in the context of international law and his understanding of it?