Mr. Ed Sibley:

I completely agree with the point. It is a very interesting question and worthy of consideration. On the regulatory side, the European and international dimension is as important as our own work and we were very active in European fora, such as the Single Supervisory Mechanism and the European supervisory authorities, to ensure convergence, consistency and the avoidance of a race to the bottom in supervision.

The decisions that have been made by firms coming here have not been made on the basis of Ireland being a softer touch than other jurisdictions but on the basis of multiple other factors. The IMF has published research that found that there are risks around the political economy of regulation, going back to the tulip craze and other phenomena over the centuries. I am certainly very alive to these things.