Ann: Central Bank of Ireland correspondence, page-105

I think EML moved to Ireland because they though Ireland was the easiest regulator in the EU (plus lower tax). Ireland don't want to be seen to be a soft touch so going after EML shows the rest of the EU they have teeth. The company needs to negotiate themselves out of this situation with minimum penalties and resources. Long Term this will hold back the growth of the company as all regulators will expect similar compliance. For that reason I will be willing to buy in around the $2.50 level (subject to them not getting told to stop all trading in EU)