Pearse Doherty (Donegal, Sinn Fein)
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We can look at the Department of Finance background paper. I am no supporter of the centralisation of these supervisory powers but I must ask these questions. When we cut through this, is the fact not that we would lose competitiveness? The divergence currently benefits certain funds in certain member states and Ireland is one of them. Is that not the real issue behind this? If this is introduced, a bit of the competitive edge we have could be lost.