Mr. Oliver Gilvarry:

The historical background is that during the mid to late 1990s, US industry wanted to create a money market fund domiciled in Europe and denominated in euro. Ireland benefited for geographical reasons, including the fact that we are a time zone closer to the US, and because of the presence of US industry. The structure that existed in the United States was replicated here. One could argue this is part of the reason the Irish regulatory framework was more robust than in other jurisdictions. In reality, the money market fund sector was based in Ireland and it followed the US structure closely. The ESMA guidelines were introduced in 2010 but many of them were already in place in Ireland by the time of the crisis of 2007 and 2008.