Mr. John Moran:

The Deputy may not be aware that we were asked to co-chair an analysis group on this issue for Europe. It was presented by us along with my Italian co-chair, Alberto Giovannini, to an informal ECOFIN meeting in Athens. The slides presented here was the message we gave to Europe and accepted by the group at the time. Europe is now acknowledging that we must move towards an environment in which securitisation and much closer connectivity between pension assets and the rest and projects that need funding is part of the system.