Mr. Aidan Carrigan:

From our point of view, it is a priority to achieve a harmonised approach. In essence, the money market funds industry globally is a US and European centred industry. Within it, Ireland plays an important role. We are keen, therefore, to have a harmonised approach and have had direct bilateral discussions with the SEC in the USA. We hope to build an understanding. On behalf of the Council of Ministers, the European Commission holds regular consultations with the USA on developments in this area. The reality is that the money market funds industry structure is somewhat different in the USA where money market funds are broken into retail, governmental and prime. We do not reflect that structure. The USA is looking at solutions around its particular structure. I do not think, therefore, that we will be able to have things that closely harmonised. However, we do want to ensure we have the same approach to regulation and try to regulate through similar systems to ensure there is no arbitrage between the two centres as centres for money markets.