There are convincing arguments both for and against a single financial regulator. Arguments for such a single regulator include issues such as the blurring of functional dividing lines between different institutions, the development of financial conglomerates, the exploitation of gaps in financial regulation and the achievement of economies of scale and a uniform style of regulation.
Furthermore the TLTROs provide banks with the opportunity to ease their refinancing conditions by substituting comparatively more expensive legacy wholesale funding with funding obtained via the TLTROs. In this context, the recent modifications to the package of non-standard measures should contribute further to have a positive impact on economic and financial conditions in the Irish economy.