I propose to take Questions Nos. 39 and 52 together.
The Government has taken the decision, as Deputies will be aware, that there should be a single regulator for financial services. However, I have not as yet brought a memorandum to Government which proposes the establishment of a single regulator.
Work has been done by my officials and officials of the Department of Enterprise, Trade and Employment in relation to the options for the location of the regulator function, in particular on the innovative twin pillars option mentioned in the McDowell Report.