Mr. Oliver Gilvarry:

We have been clear with regard to entities moving here that we have no interest in brass plates. We have a framework in place here that we see as a strong framework. The Central Bank will speak in a moment about active engagement. We have called for a greater use of the powers that the ESAs have to ensure the rules applied are agreed by the co-legislators, the Parliament and Council, and applied equally across the Union so we avoid this regulatory arbitrage. We want to see a position where those rules are applied properly and stringently and we do not have a case where other member states might not apply them to their full degree.

There was an ESMA opinion on delegation and outsourcing on asset management. The Central Bank was heavily involved with that, as were other national competent authorities. This was to provide a structure on delegation and outsourcing the likes of asset management. We need greater focus so the rules in the directive or regulation, and brought down via level two measures, are applied equally. This is so we are all on a level playing field. Ireland is not a jurisdiction people would pick in the hope of a light-touch regime but people could pick another jurisdictions because it would not apply certain rules in certain ways. We want to see rules being applied equally across the Union so people make decisions not on regulatory arbitrage but whether it is cost-efficient.