Michael McGrath (Cork South Central, Fianna Fail)
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Perhaps I can move to the single European banking supervisor. I listened carefully to the Minister's comments when he said it would relate to all major or systematically important banks and that there would be differentiation, depending on the size and significance of the banks involved. Will he translate for us what it will mean in Ireland's case in respect of the direct regulation of the pillar banks, for example, Permanent TSB, and other institutions? Will they all be categorised as being systemically important and falling under ECB regulation when it is fully up and running?