Kieran O'Donnell (Fine Gael)
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I welcome the officials. Mr. Tobin quoted Christine Lagarde, and I have no doubt that many of us will ourselves use the quote about the two Vs and the two Cs hereafter. He referred to people doing things when no one is watching and I made the comment that it was like light-touch regulation. Given that the subject is within the remit of the Department, how would the officials categorise the current regulation over banks and their activities in Ireland, and is it sufficient? What are the risks of people still being able to do things without anybody watching?

How do the officials regard the current level of lending in the economy? Is there enough competition among the banks? I refer to areas that fall within the remit of the Department.

As an aside, Mr. Dorgan and Ms Cotter appeared before another committee in respect of treasures in the vaults of the Irish banks, but it is incumbent on us, as members of this committee, to do further work on the matter. Is it possible to bring in legislation to ensure that such treasures in various vaults of the banks can be used for the national good if they are not claimed? The matter is a variation on dormant accounts. Mr. Tobin might address my first questions before Mr. Dorgan or Ms Cotter responds to the latter set of questions.