That said, we recognise the realities and complexities of the situation. It is also important (as I outlined earlier) that Ireland and the EU continue to have an outward facing financial system, which facilitates global financial flows and retains connectivity with the UK. It is also important that we take a pragmatic approach to the uncertainties we all face.
A fundamental principle of authorisation and supervision is that a regulated entity must have the governance and control arrangements in place that are commensurate with the nature, scale and complexity of its business from the point of authorisation.