Michael Noonan (Limerick City, Fine Gael)

The inspectors go to primary schools but there are not enough inspectors to allow them to move in and replace what the teachers inside are doing. There must be a limit to the manner in which we regulate. I would have thought the directive from the Central Bank, whereby it is obliging the banks under law to do an assurance check of their systems and give a guarantee they are able to deal with any eventuality that discontinues business, was appropriate. That is a pretty good step.

We have another problem, of course, with Ulster Bank, which has indicated to us it is moving to regulation by the Bank of England because its parent is a British bank, with a subsidiary in Northern Ireland and trading down here. Therefore, it is still regulated by us but it is changing the legal base of the bank so it will be regulated by the Bank of England. We have to keep that in mind as well.

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