One particular area relates to the requirements of confidentiality, which (as they are currently being interpreted) seem to go well beyond what is necessary or appropriate for the purpose of ensuring privacy of customers and commercial interests. As things stand, the regulatory staff can end up appearing passive and defensive when called to speak on specific issues in public.
A final aspect of safety and soundness to which I would like to refer is the admission of large and complex export-oriented firms into the Irish market. I welcome the participation of foreign-owned firms – both those aiming to supply the domestic market and those that are export-oriented – they provide competition and business opportunities.