Mr. Martin Fraser:

No, I am trying to explain. I did not chair it. It is very important for the country, given what has happened to our economy, that everybody does his or her job properly and appropriately. The last thing this country needs is the Department of the Taoiseach taking some sort of over-arching role in regard to taxation policy, regulation or other areas. I wish to stress to the committee that it is entirely normal for any industry to liaise with line Departments. The agrifood industry does it in the context of Food Harvest 2020, the financial services industry liaises with the Department of Finance and other industries do so with other Departments. It is entirely normal. I must be clear about the fact that the Department of Finance must be in charge of budgetary and taxation policy. It is that Department which deals with the industry. It is even more important to stress that the regulator must be independent, given what happened in the past. The regulator must be independent. I do not speak to the regulator about the IFSC. I do not encourage the industry to pressurise the regulator at the Clearing House Group. Item No. 4 on the set of minutes to which Deputy Humphreys refers is related to a meeting between the Central Bank and the industry. The Department of the Taoiseach was not represented at that meeting and that is entirely appropriate. Indeed, it is actually very important.

The regulator has set out what he referred to as his prism or his approach to regulation and his strategy statement. He engages with the industry, as all regulators do with all relevant industries. We do not get involved in that process. That is a bilateral engagement between the industry and the Central Bank. Therefore, the reference in the minutes is precisely that. I did not chair that meeting. Indeed, I would not chair it.