Mr. Pat Lardner:

It presupposes that nothing additional is being paid. It makes an assumption that whatever funding might go centrally to Europe would then cease to be paid locally. Again, as has been explained, there is a movement of some powers. Clearly, there are entities that are authorised in Ireland and there is a responsibility on behalf of the local regulator, to Parliament and to local investors. It is outside my direct area of knowledge and the bank probably has a better understanding of that aspect. We have no question or comment on the fact that the industry should be involved in funding the regulator - that is not the point. The question is that in all cases there should be an element of who provides scrutiny and oversight of how that spending occurs and if there is an element of disconnect. With these proposals, one step is being, effectively, removed. This is one step back to the industry in lots of countries. It is about central power and who is actually looking at it. I believe there should be appropriate oversight, as with most things.