Mr. Oliver Gilvarry:

There is a low return because of the low risk from a supervisory or regulatory point of view, both in our case and in Europe since 2008. Prior to 2008, Ireland operated a relatively onerous regime for money market funds. A review was carried out in 2010 by the predecessor to the European Securities Markets Authority, ESMA, which was followed by the development of guidelines to create a harmonised structure across Europe for money market funds by dividing them into short-term money market funds and money market funds. In Ireland the vast majority of funds are short-term. The Central Bank previously operated a set of rules on maturity profiles and the reuse of assets that funds can hold. Many of these rules have been brought into what we call the level one text, that is, the regulation now before the committee. There was and is a strong regulatory regime for the money market fund industry in Ireland.