Mr. Oliver Gilvarry:

Ireland and a large number of other member states flagged earlier this year, in light of the Commission's consultation paper, the need for targeted amendments. As I said earlier, we called for permanent members with voting rights to be on the board of supervisors, with a view to trying to bring a greater European focus, rather than a domestic focus, to the ESAs. We saw much greater use of peer reviews to ensure supervisory convergence across the Union, but we have seen the authorities going much further. Rather than focusing on targeted amendments, they have opted for a very broad-brush approach, which, in our view, is ignoring the positives of having supervision at national competent authority level in respect of investment funds and other areas. What is occurring is adding complexity, cost and delays in certain parts.

Within the Council, only the French and Dutch support the proposal. Therefore, a large number of other member states have concerns over the broad reach. We voice those concerns also. Ireland and others have voiced our disappointment that the amendments are not targeted to achieve some fixes. As I stated, the framework is in place only since 2011. We have seen some areas that might need more focus. Powers may need to be exercised in regard to the breach of Union law, including in respect of more mediation. I have referred to peer reviews already. Let us see how we can do as I describe rather than saying it is not working and bringing it all into the centre without seriously considering the impact on European capital markets and consumers.