Unions struggle for closure on regulator

The latest tiff over the future of regulation of financial services in the State is somewhat amusing. The trade union representing staff at the Central Bank - already miffed at having lost the battle within the committee set up to decide whether any regulator should be tied to or independent from the Bank - has now opposed the proposal on how to fund the new body.

The advisory group on the new entity has recommended the new body should be funded by a levy on the financial services sector. The trade union, MSF, has said the funding requirements would stretch to £10 million and this would be passed on by the sector to its customers.

Now let's look at the logic of this. The alternatives are: a) that the body be paid for by the sector and that, in all probability, this cost will be passed on to the consumer who benefits from the regulation; or b) that the body be funded by the Government or, to put it more accurately, all of the taxpayers, some of whom might not benefit from the regulation offered.

Personally, I can't see the argument . . .