Derek McDowell (Labour)

The whole point of it is that it is to be regulated in a different way. This House has difficulty in that it allows Irish Financial Services Regulatory Authority to set out the form of regulation that will apply. We assume this will be a lighter form of regulation than the regulations that apply to UCITS. We are not told the expected form of the CCFs nor what the regulations will be because that is an enabling power that is given to the bank. It is very difficult to get an idea of what is intended.