Ms Ann Nolan:

Absolutely not, in the sense that first of all, the Central Bank no longer has that requirement but far more importantly, the regulation across Europe for all financial services has become far more strict and far more uniform, so the regulatory system to which the IFSC organisations are now subject is not lighter than the regulatory system in other countries. It is not a light-touch regulatory system and nor should it be. It is subject to the EU directives which are implemented in Ireland by the Irish Central Bank but implemented in other countries by their central banks.