Mr. Oliver Gilvarry:

The Department looks at the proposals as a whole to see where we are getting the benefit. Where the Commission is conducting its analysis, it looks at the European Union as a whole. There are parts of this package which will not really have the full impact on our banking system because of the simple business model to which Irish banks work in terms of deposit taking and mortgages. Where we are trying to balance this is in trying to determine issues such as making it easier for infrastructural lending and SME loans greater than €1.5 million. It is to look at the overall package to see from the perspectives of Irish industry and the Irish economy what parts will work best for us. As a competent authority, it is a question of asking if the changes to the powers of a competent authority make sense and will ensure we will still have a strong and resilient framework.