Mr. Aidan Carrigan:

We are not saying that a buffer will not be part of the solution. We are saying that our clear advice is that the level of buffer currently proposed is excessive and will do extreme damage to the industry. If there is to be a buffer, we feel it should be risk-weighted. My colleague from the Central Bank outlined earlier the benefits of risk-weighting and how risk-weighting buffers are calculated by the banks. With the risk being so low here, a risk-weighted buffer would produce a reasonable buffer in relation to the risks being taken by these funds.