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 . . .